1. Report Industry Investment Rating No relevant content provided. 2. Core View - The report presents key economic indicators including a 1.60% year - on - year cumulative growth in fixed asset investment, 3.70% year - on - year growth in the total retail sales of consumer goods for the current month, 7.20% year - on - year growth in exports for the current month, and an 8.80% growth in M2 [4]. 3. Summary by Related Categories Government Bond Net Financing - Government bond net financing was 5614 billion yuan in the 34th week (8/18 - 8/24) and 64 billion yuan in the 35th week (8/25 - 8/31). As of the 34th week, the cumulative net financing reached 10.3 trillion yuan, 4.8 trillion yuan more than the same period last year [1][5]. Treasury Bond - Treasury bond net financing was 3526 billion yuan in the 34th week and - 2371 billion yuan in the 35th week. The annual net financing is 6.66 trillion yuan. As of the 34th week, the cumulative net financing was 4.9 trillion yuan, with a progress of 73.7%, exceeding the average of the past five years [6]. Local Bond - Local bond net financing was 2088 billion yuan in the 34th week and 2435 billion yuan in the 35th week. As of the 34th week, the cumulative net financing was 5.5 trillion yuan, 3 trillion yuan more than the same period last year [8]. New General Bond - New general bond issuance was 95 billion yuan in the 34th week and 353 billion yuan in the 35th week. The 2025 local deficit is 8000 billion yuan. As of the 34th week, the cumulative issuance was 5855 billion yuan, with a progress of 73.2%, exceeding the same period last year [8]. New Special Bond - New special bond issuance was 2393 billion yuan in the 34th week and 1880 billion yuan in the 35th week. The 2025 new special bond quota is 4.4 trillion yuan. As of the 34th week, the cumulative issuance was 3.1 trillion yuan, with a progress of 69.9%, exceeding the same period last year [12]. Special New Special Bond - Special new special bonds worth 9680 billion yuan have been issued, with 2129 billion yuan issued since August, accounting for 44% of new special bonds. Besides 800 billion yuan for debt resolution, the remaining over 100 billion yuan will be used for "arrears clearance" [12]. Land Reserve Special Bond - Land reserve special bonds worth 3031 billion yuan have been issued. As of August 24, projects in 27 provinces and municipalities covered 4949 parcels of land, with a total capital scale of 5476 billion yuan [12]. Special Refinancing Bond - Special refinancing bond issuance was 245 billion yuan in the 34th week and 291 billion yuan in the 35th week. As of the 34th week, the cumulative issuance was 1.9 trillion yuan, with a progress of 95% [22]. Urban Investment Bond - Urban investment bond net financing was - 6 billion yuan in the 34th week and is expected to be - 402 billion yuan in the 35th week. As of this week, the balance of urban investment bonds is 10.2 trillion yuan [2][27].

Industry Overview - The real estate industry is experiencing a marginal policy relaxation in Beijing and Shanghai, with the fundamentals continuing to bottom out. As of July 2025, the national commodity housing sales amounted to 49,566 billion yuan, down 6.5% year-on-year, with the decline rate widening by 1.0 percentage points compared to the first half of the year. The sales area decreased by 4.0% year-on-year, with a decline rate increase of 0.5 percentage points [1][11]. Market Performance - The real estate sector outperformed the CSI 300 index by 0.3 percentage points this month. Since the last strategy report, the real estate sector has risen by 11.3%, ranking 16th among 31 industries. The dynamic PE for the sector in 2025 is projected to be 19.8 times, excluding loss-making companies [3][40]. Price Trends - The average selling price of new commodity housing in July 2025 was 9,613 yuan per square meter, down 2.6% year-on-year, with the decline rate widening by 0.5 percentage points compared to the first half of the year. In 70 cities, the new residential sales prices decreased by 3.4% year-on-year, but the decline rate has narrowed for nine consecutive months since November 2024 [2][15]. Policy Changes - On August 8, 2025, Beijing relaxed its purchase restrictions, allowing eligible families outside the Fifth Ring Road to buy without limits, and recognizing single adults as families. Similarly, on August 25, Shanghai implemented comparable measures, including adjustments to commercial loan rates, eliminating the interest rate floor for first-time homebuyers [3][39]. Investment Strategy - The current market conditions have not shown significant recovery, and the real estate fundamentals remain weak. However, with the recent marginal policy relaxations in Beijing and Shanghai, there is potential for further demand-side easing. The report suggests focusing on investment opportunities within the real estate sector, recommending companies such as China Jinmao, China Resources Land, China Merchants Shekou, Binjiang Group, and Greentown China [3][44].

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company has shown effective business transformation, achieving a 6.9% year-on-year growth in net profit attributable to shareholders, reaching 40.93 billion yuan in the first half of 2025. Total premium income reached 525.09 billion yuan, a 7.3% increase year-on-year, marking the best performance for the same period in history [1] - The company has significantly improved its new business value, which rose to 28.55 billion yuan, reflecting a 20.3% year-on-year increase, maintaining its leading position in the industry [1] - The company has diversified its product offerings, with the proportion of floating income products increasing, leading to a notable improvement in value rates [2] - The company has made significant progress in channel transformation, with the bancassurance channel showing a remarkable growth of 45.7% year-on-year [3] - The company has enhanced its investment strategy, increasing the allocation of equity assets, resulting in a 4.2% year-on-year increase in total investment income [3] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a total premium income of 525.09 billion yuan, a 7.3% increase year-on-year, and a net profit of 40.93 billion yuan, also up by 6.9% year-on-year [1] - The new business value reached 28.55 billion yuan, with a year-on-year growth of 20.3% [1] Product and Channel Development - The company has balanced its product structure with new single premium income from life insurance, annuity insurance, and health insurance accounting for 30.32%, 32.01%, and 33.42% respectively [2] - The bancassurance channel achieved a total premium of 72.44 billion yuan, with a year-on-year growth of 45.7% [3] Investment Strategy - The company has increased its equity asset allocation, with net investment income reaching 96.07 billion yuan and a net investment yield of 2.78% [3] - The total investment income was 127.51 billion yuan, with a total investment yield of 3.29% [3] Earnings Forecast - The company is expected to have an EPS of 3.83, 3.88, and 3.94 yuan per share for 2025, 2026, and 2027 respectively, with a current P/EV of 0.81, 0.75, and 0.68 for the same years [4][5]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][23] Core Views - The company demonstrated resilient profitability with a net profit of 33 billion yuan in Q2 2025, exceeding expectations despite a 15.1% decline in Brent oil prices [1][9] - The company achieved a record high in oil and gas net production, with a total of 384.6 million barrels of oil equivalent in H1 2025, reflecting a 6.1% year-on-year increase [2][12] - The average realized price for oil liquids was 69.2 USD/barrel in H1 2025, down 13.9% year-on-year, while the average gas price was 7.90 USD/thousand cubic feet, up 1.4% year-on-year [16][12] Financial Performance - In H1 2025, the company reported operating revenue of 207.61 billion yuan, a decrease of 8.5% year-on-year, and a net profit of 69.53 billion yuan, down 12.8% year-on-year [1][9] - The company's oil and gas sales revenue for H1 2025 was 171.75 billion yuan, a decline of 7.2% year-on-year [2][12] - The average cost per barrel of oil equivalent was 26.94 USD, a decrease of 0.81 USD year-on-year [16][12] Capital Expenditure and Dividends - The company completed capital expenditures of 57.6 billion yuan in H1 2025, a decrease of 5.5 billion yuan year-on-year, with an expected total capital expenditure for 2025 of 125-135 billion yuan [3][18] - The interim dividend for 2025 is set at 0.73 HKD per share, reflecting the company's commitment to sharing growth with shareholders [3][18] Profit Forecast - The profit forecast for the company is maintained, with expected net profits of 126.3 billion yuan, 129.7 billion yuan, and 135 billion yuan for 2025, 2026, and 2027 respectively [4][23]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company reported a revenue growth of 11% year-on-year in Q2 2025, primarily driven by the growth in its secondary business segments [8][12] - The adjusted net profit for Q2 2025 was 1.82 billion yuan, a decrease of 32% year-on-year but an increase of 30% quarter-on-quarter [12] - The company has slightly adjusted its profit forecast for 2025-2026, expecting adjusted net profits of 6.3 billion yuan and 7.1 billion yuan respectively [83] Summary by Sections Revenue and Profitability - In Q2 2025, the company achieved a total transaction value (GTV) of 878.7 billion yuan, up 5% year-on-year and 4% quarter-on-quarter, with total revenue of 26 billion yuan [8] - The adjusted net profit margin was 7.0%, down 4.5 percentage points year-on-year but up 1.0 percentage point quarter-on-quarter [12] Business Segments Performance - The existing housing business contributed a transaction value of 583.5 billion yuan, with a revenue of 6.7 billion yuan, reflecting a year-on-year decline of 8% [26] - The new housing business showed a transaction value of 255.4 billion yuan, with a revenue increase of 9% year-on-year [49] - The home decoration and furniture business generated 4.6 billion yuan in revenue, up 13% year-on-year, while the rental service revenue surged by 78% year-on-year [63] Market Position and Future Outlook - The company maintains a market share of 12.5% in the new housing sector, an increase of 2.2 percentage points year-on-year [49] - The adjusted earnings per share for 2025 and 2026 are projected to be 1.77 yuan and 2.00 yuan respectively, with corresponding price-to-earnings ratios of 23.9 and 21.2 [83]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][17][20] Core Views - The company experienced a significant decline in revenue due to high gold prices and cautious terminal demand, with a 43.29% year-on-year decrease in revenue for the first half of 2025, amounting to 4.597 billion yuan. However, the net profit attributable to the parent company showed resilience, with a slight decrease of 1.27% year-on-year to 594 million yuan [2][8] - The second quarter saw a notable improvement in net profit, which increased by 31.32% year-on-year to 342 million yuan, benefiting from improved gross margins and optimized advertising and marketing expenses [2][4][8] - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, totaling 271 million yuan, which represents 46% of the net profit for the period [2][8] Revenue and Profit Performance - For the first half of 2025, the company reported a revenue of 4.597 billion yuan, down 43.29% year-on-year, while the net profit was 594 million yuan, down 1.27% year-on-year [2][8] - In the second quarter, revenue decreased by 38.47% to 1.924 billion yuan, but net profit increased by 31.32% to 342 million yuan, indicating a significant improvement compared to the first quarter [2][4][8] Business Segments - Revenue from self-operated offline stores was 890 million yuan, down 7.56% year-on-year, while e-commerce revenue was 1.168 billion yuan, down 1.94% year-on-year. Franchise business revenue fell sharply by 59.12% to 2.425 billion yuan due to reduced replenishment frequency by franchise clients in a high gold price environment [3][11] - By product type, revenue from plain gold products dropped by 50.94% to 3.415 billion yuan, while embedded products decreased by 23.08% to 286 million yuan. In contrast, fashion silver jewelry grew by 11.11% to 320 million yuan, benefiting from the "self-indulgence" and "light jewelry" consumption trends [3][11] Financial Metrics - The company's gross margin increased by 11.96 percentage points to 30.34%, driven by product structure optimization and pricing benefits from rising gold prices [4][13] - Total sales expenses decreased by 6.19% year-on-year to 496 million yuan, with a sales expense ratio of 10.8% [4][13] - The company reported a net operating cash flow of 403 million yuan, down 68.83% year-on-year [4][15] Future Outlook - The company is expected to benefit from the release of pent-up demand as gold prices stabilize and from innovative high-quality product offerings, leading to a gradual recovery in revenue [4][17] - Profitability is anticipated to improve with an increased proportion of high-margin jewelry products and continued optimization of advertising and marketing expenses [4][17]

- The report introduces a dividend point estimation model for stock indices, which is crucial for accurately assessing the premium or discount levels of stock index futures contracts. The model incorporates key factors such as component stock weights, dividend amounts, total market capitalization, and index closing prices[40][43][12] - Component stock weights are refined from monthly estimates to daily precision using data disclosed by the China Securities Index Company, ensuring accuracy in daily weight calculations[44][45] - Dividend amounts are estimated using historical net profit distributions and dynamic prediction methods. For companies with stable profit distributions, historical patterns are used, while for others, prior-year profits serve as the basis for estimation[46][49] - Dividend payout ratios are predicted using historical averages, with adjustments for companies that have never paid dividends or exhibit extreme payout ratios[50][52] - Ex-dividend dates are forecasted using historical interval stability and linear extrapolation methods, considering factors like prior dividend dates and shareholder meeting schedules[55][54] - The model demonstrates high accuracy in predicting dividend points for major indices like the SSE 50 and CSI 300, with errors generally within 5 points. Predictions for the CSI 500 index show slightly larger deviations, around 10 points[56][60][64] - Historical percentile analysis of futures contracts reveals varying sentiment levels among institutional investors. For example, the IH contract is at the 72% historical percentile, indicating higher premium levels, while the IM contract is at the 19% percentile, reflecting deeper discounts[28][30][37] - The annualized premium or discount rates for futures contracts as of August 27, 2025, are as follows: IH (2.56%), IF (0.59%), IC (-5.51%), and IM (-10.35%)[4][13][12]

Investment Rating - The investment rating for Hisense Visual (600060.SH) is "Outperform the Market" [6][29]. Core Views - The company achieved accelerated revenue growth in Q2 2025, with a total revenue of 27.23 billion (+7.0%) and a net profit attributable to shareholders of 1.06 billion (+26.6%) for H1 2025. Q2 revenue reached 13.86 billion (+8.6%) with a net profit of 500 million (+36.8%) [1]. - The global TV industry shows stable sales with a clear trend towards structural upgrades, with global TV shipments at 94.57 million units (+0.1%) in H1 2025, and domestic shipments at 17.1 million units (+2.4%) [2]. - The company is expected to see both volume and price increases in domestic sales, with a projected improvement in market share and product structure, particularly in larger screen sizes and Mini LED products [3]. - New display business is performing well, with revenue of 3.43 billion (+7.4%) in H1 2025, driven by laser displays and commercial displays [4]. - The company maintains a positive outlook on profitability, with an expected net profit growth of 15% for 2025, 12% for 2026, and 10% for 2027, alongside a stable PE ratio [4][5]. Summary by Sections Financial Performance - In H1 2025, Hisense Visual reported a revenue of 27.23 billion (+7.0%) and a net profit of 1.06 billion (+26.6%). Q2 alone contributed 13.86 billion in revenue (+8.6%) and 500 million in net profit (+36.8%) [1]. - The gross margin improved to 16.4% (+1.0 percentage points) in H1 2025, with Q2 gross margin at 16.8% (+1.4 percentage points) [4]. Market Trends - The global TV market is experiencing a shift towards larger screens and Mini LED technology, with global shipments of Mini LED TVs increasing by 150% and over 200% in China [2]. - Hisense's market share in global shipments reached 14.4% (+0.6 percentage points), with domestic retail sales share at 30.0% and retail volume share at 25.7% [3]. Future Projections - The company forecasts net profits of 2.59 billion, 2.91 billion, and 3.20 billion for 2025, 2026, and 2027 respectively, with corresponding growth rates of 15%, 12%, and 10% [5]. - The expected PE ratios for the next three years are 11, 10, and 9 times [4][5].

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company achieved a significant net profit growth of 32.3% year-on-year, reaching 24.455 billion yuan in the first half of 2025, driven by improved underwriting profits and investment returns [1][2] - The company maintained its leading market share in the insurance industry at 33.5%, with original insurance premium income of 323.282 billion yuan, reflecting a year-on-year increase of 3.6% [1] - The underwriting profit increased by 44.6% year-on-year to 13.015 billion yuan, supported by the expansion of auto insurance, health insurance, and corporate property insurance [2] - The company is focusing on expanding its non-auto insurance business, particularly in policy-based health insurance, and enhancing its service to small and micro enterprises [2] Summary by Sections Financial Performance - The company reported a total investment income of 17.260 billion yuan, a year-on-year increase of 26.6% [3] - The comprehensive cost ratio (COR) improved by 1.4 percentage points to 94.8%, with the claims ratio and expense ratio decreasing to 71.8% and 23.0%, respectively [3] - The company’s equity asset proportion increased to 26.1%, contributing significantly to investment returns [3] Future Outlook - The company plans to deepen its engagement in technology finance, green insurance, and inclusive finance while advancing digital transformation and AI applications [4] - Earnings per share (EPS) forecasts for 2025 to 2027 are projected at 1.55, 1.67, and 1.77 yuan per share, respectively, with a current price-to-book (P/B) ratio of 1.33, 1.28, and 1.23 for the same period [4][5]

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company achieved a record high revenue in Q2 2025, with a revenue of 1.208 billion yuan, representing a year-on-year growth of 43.35%, and a net profit attributable to the parent company of 152 million yuan, up 50.89% year-on-year [1] - The company is actively expanding into the industrial control and retail markets, leveraging its strong customer base and product lines, which include display driver chips and electronic shelf labels [2][3] - Due to the successful launch of new products, the forecast for net profit attributable to the parent company for 2025-2027 has been raised to 357 million, 424 million, and 496 million yuan respectively, with corresponding PE ratios of 33, 27, and 24 times [3] Financial Performance - In Q2 2025, the company reported revenue of 654 million yuan, a year-on-year increase of 31.43% and a quarter-on-quarter increase of 17.97% [1] - The gross profit margin improved by 3.7 percentage points to 24.41% in the first half of 2025, with R&D expenses increasing by 25.8% to 99 million yuan [1] - The company has a diversified product line that benefits from the trend of screen integration in consumer electronics, contributing to revenue growth [2] Customer Base and Market Expansion - The company has established a strong customer base, including major brands like Samsung, VIVO, and OPPO, and is expanding its presence in industrial control and retail sectors [3] - The electronic shelf label (ESL) chips have been adopted by several global retail giants, enhancing the company's market position [3]