Investment Rating - The report maintains an "Overweight" rating for the semiconductor equipment industry, indicating a positive outlook for the sector [1]. Core Insights - The development of domestic computing power chips is gaining attention, with significant benefits expected for domestic equipment manufacturers. Huawei announced a three-year roadmap for its Ascend AI chips, aiming to release four new products between 2026 and 2028, which is expected to enhance the market share of domestic computing power chips [4]. - Domestic advanced process expansion is exceeding expectations, which is favorable for local equipment manufacturers. The report highlights the establishment of Changxin Storage and the anticipated new iteration cycle in memory technology [4]. - The high-end SoC testing machine market presents significant opportunities, with domestic companies like Huafeng Measurement and Changchuan Technology actively working on SoC testing machines to meet the high demands of testing [4]. - The demand for advanced packaging in computing power chips is expected to benefit equipment manufacturers, as domestic supply chains are anticipated to shift towards local advanced packaging suppliers [4]. - Investment recommendations include companies involved in front-end processes such as North Huachuang and Zhongke Feimeng, as well as back-end packaging firms like Huafeng Measurement and Changchuan Technology [4].

Investment Rating - The report maintains a "Buy" rating for Hikvision Technology Co., Ltd. [1] Core Views - Hikvision is positioned as a global leader in the security industry, focusing on intelligent IoT and digital transformation, leveraging its extensive experience in the field [7] - The company is expanding its innovative business segments, which are expected to contribute significantly to revenue growth, with a focus on eight key areas including robotics, smart logistics, and AIoT [7] - The development of AI large models is creating new business opportunities, enhancing both core and innovative business segments, thus supporting long-term sustainable growth [7] - Revenue projections for 2025-2027 are estimated at 973 billion, 1080 billion, and 1179 billion RMB, with net profits expected to be 137 billion, 157 billion, and 179 billion RMB respectively [7] Financial Projections - Total revenue is projected to grow from 89,341 million RMB in 2023 to 117,903 million RMB in 2027, reflecting a compound annual growth rate (CAGR) of approximately 9.16% [1] - The net profit attributable to shareholders is expected to fluctuate, with a decline in 2024 followed by a recovery, reaching 17,923 million RMB by 2027 [1] - The earnings per share (EPS) is forecasted to increase from 1.54 RMB in 2023 to 1.96 RMB in 2027 [1] Market Data - The closing price of Hikvision's stock is reported at 30.75 RMB, with a market capitalization of approximately 281.82 billion RMB [5] - The price-to-earnings (P/E) ratio is projected to decrease from 19.98 in 2023 to 15.72 in 2027, indicating potential value appreciation [1][5]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company has established a strong market position in the production of Arachidonic Acid (ARA) and Docosahexaenoic Acid (DHA), with significant growth potential driven by domestic and international demand [8][13]. - The company is expected to benefit from the expiration of patents held by competitors, allowing for increased market share and revenue growth [8][47]. - The financial forecasts indicate robust revenue and profit growth, with a projected revenue increase from 7.00 billion yuan in 2025 to 9.43 billion yuan in 2027, and net profit rising from 1.76 billion yuan to 2.55 billion yuan in the same period [1][8]. Summary by Sections 1. Company Overview - Founded in 2004, the company has pioneered the industrialization of ARA, DHA, and other products, with applications in human nutrition, animal nutrition, and personal care [8][13]. - The company has established long-term partnerships with global nutrition and dairy companies, exporting products to over 30 countries [8][13]. 2. Market Position and Growth - The company holds a market share of 13.5% globally and over 50% domestically in the ARA sector as of 2021, with expectations for further growth due to patent expirations of competitors [47]. - The domestic ARA market has shown a CAGR of 9.85% from 2015 to 2021, driven by rising disposable incomes and regulatory changes [46]. 3. Financial Performance - Revenue is projected to grow from 443.80 million yuan in 2023 to 942.93 million yuan by 2027, with a CAGR of 25.19% from 2023 to 2024 [1]. - Net profit is expected to increase from 91.37 million yuan in 2023 to 255.02 million yuan by 2027, reflecting a strong CAGR of 41.95% in 2024 [1]. 4. Product Segmentation - ARA is projected to account for approximately 70.2% of revenue in 2024, while DHA is expected to contribute 19.6% [15][26]. - The company is diversifying its product offerings, including SA and β-carotene, to enhance its market presence [15][13]. 5. Strategic Initiatives - The company is focusing on expanding its international market presence, particularly in light of the expiration of patents held by competitors, which will allow for competitive pricing and increased market penetration [8][47]. - The strategic direction emphasizes a dual focus on human nutrition and animal nutrition, with ongoing investments in product development and market expansion [8][13].

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20250918 美联储降息 25 个基点，北证 50 指数下跌 1.01% ◼ 今日新股：无 ◼ 风险提示：个股盈利不及预期，行业竞争加剧，贸易摩擦加剧，政策不 及预期等。 2025 年 09 月 18 日 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 证券分析师 薛路熹 执业证书：S0600525070008 xuelx@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 相关研究 《港股新政优化资本准入，工信部征 集智能网联汽车组合驾驶辅助相关标 准意见》 2025-09-17 《商务部加大信贷力度，北证 50 收涨 0.63%》 2025-09-16 东吴证券研究所 1/8 请务必阅读正文之后的免责声明部分 内容目录 | 1. 资本市场新 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - Over the next three years, Saudi Aramco plans to execute 85 major projects covering oil and gas production, pipeline networks, and civil infrastructure, with significant investment in oil and petrochemical sectors [1] - Saudi Aramco's capital expenditure guidance for 2025 remains between $52 billion and $58 billion, representing a year-on-year growth of 3% to 15%, indicating sustained demand for oil service equipment [2] - Companies like Jereh and Neway are positioned to benefit from the surge in orders in the Middle East due to their technological advantages and market access [3] - Investment recommendations highlight Jereh for its high visibility in Middle Eastern orders and Neway for its stable growth due to proactive capacity planning [4] Summary by Sections Major Projects and Investment - Saudi Aramco's upcoming projects include significant upgrades in oil, gas, and refining facilities, with a procurement list that includes 21,000 kilometers of carbon steel pipelines, 2.2 million tons of structural steel, and 41,000 kilometers of cables [1] Capital Expenditure - The capital expenditure for Saudi Aramco is projected to grow, benefiting leading companies with technological advantages and market access [2] Company Opportunities - Neway has successfully established itself as a core supplier of valves across the oil and gas value chain, directly supplying to Saudi Aramco and expanding local production capacity [3] - Jereh has built brand recognition in the Middle East through successful project completions, aligning its core products with the needs of Saudi Aramco's planned investments [3] Investment Recommendations - The report recommends focusing on Jereh for its unique position in the Middle East and Neway for its consistent performance and strategic capacity planning [4]

证券研究报告·宏观报告·宏观点评 宏观点评 20250918 9 月 FOMC：重启降息——2025 年 9 月 FOMC 会议点评 2025 年 09 月 18 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 张佳炜 执业证书：S0600524120013 zhangjw@dwzq.com.cn 证券分析师 韦祎 执业证书：S0600525040002 weiy@dwzq.com.cn 研究助理 王茁 执业证书：S0600124120013 wangzhuo@dwzq.com.cn 相关研究 《特朗普干预美联储独立性的三个途 径》 2025-09-15 《供需分化的三个结果——8 月经济 数据点评》 2025-09-15 东吴证券研究所 1 / 9 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 核心观点：9 月 FOMC 如期降息 25bps，点阵图指引年内还有 2 次降 息，基本符合预期，但同时指引明年还有额外 1 次降息，相比市场预期 明显偏鹰。发布会上 Powell 对于就业和通胀的观点与 8 ...

Macro Strategy - Trump's intervention in the independence of the Federal Reserve is expected to occur through three main avenues: nominating a compliant Fed Chair, adjusting the personnel structure of the Fed Board, and intervening in the appointment of regional Fed presidents [1][18] - With the new Fed Chair's appointment, Trump is anticipated to have greater influence, potentially leading to more aggressive rate cuts than currently priced in by the market, with the policy rate possibly falling below the neutral level of 3% [1][18] Economic Commentary - In August, both domestic and external demand weakened, leading to a situation where supply adjustments lag behind demand, reinforcing a short-term scenario of strong supply and weak demand [2][19] - The industrial production growth rate remained above 5%, indicating resilience in the supply side despite a slight decline, while GDP growth is expected to remain around 5% in Q3 [2][19] - The divergence between supply and demand is unsustainable, and if demand does not strengthen, supply is likely to follow suit, leading to greater pressure on GDP in Q4 compared to Q3 [2][19] Fixed Income Market - The market is seeing an increase in expectations for the resumption of "government bond trading," with significant liquidity measures being implemented, including a 1 trillion yuan reverse repo operation [4][22] - The anticipated resumption of government bond trading could stabilize bond yields and further lower financing costs for the real economy [4][22] Industry Analysis - The battery sector is expected to see price increases for energy storage cells, marking the end of a three-year deflation period, with leading companies like CATL and others showing strong performance [15] - The report highlights a positive outlook for the battery sector, particularly for companies with low valuations and strong earnings potential, such as Tianqi Lithium and others [15] - The solid-state battery segment is also emphasized as a key area for investment, with companies like Xiamen Tungsten and others being recommended [15]

证券研究报告·公司点评报告·电池 先导智能（300450） 交付多条固态电池干法成膜设备，龙头强者 恒强 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 16,628 | 11,855 | 13,800 | 15,850 | 19,000 | | 同比（%） | 19.35 | (28.71) | 16.41 | 14.86 | 19.87 | | 归母净利润（百万元） | 1,774.57 | 286.10 | 1,533.42 | 2,040.81 | 2,483.70 | | 同比（%） | (23.45) | (83.88) | 435.97 | 33.09 | 21.70 | | EPS-最新摊薄（元/股） | 1.13 | 0.18 | 0.98 | 1.30 | 1.59 | | P/E（现价&最新摊薄） | 48.54 | 301.08 | 56.17 | 42.21 | 34.68 | [Tab ...

Investment Rating - The report maintains a positive outlook on the battery sector, particularly favoring leading companies like CATL and others in the second tier [1]. Core Insights - The battery sector is experiencing robust growth, with CATL leading in profit contribution and market share, while second-tier companies show significant improvement [2][3]. - Demand for energy storage batteries is expected to exceed expectations, with a projected global demand of 1,877 GWh in 2025, representing a 35% year-on-year increase [2]. - The report highlights the acceleration of battery exports and the development of new technologies, with leading companies setting the pace [2]. Summary by Sections PART 1: Operational Comparison - CATL's profit contribution in the battery sector reached 90%, with the battery segment accounting for 42% of the overall industry profit in Q2 2025, reflecting a 7% increase year-on-year [5][6]. - Second-tier companies are showing signs of recovery, with gross margins improving to 15-20% [2][5]. PART 2: Demand Outlook - Global demand for energy storage batteries is expected to reach 521 GWh in 2025, a 60% increase year-on-year, with further growth anticipated in 2026 [2][20]. - The report indicates that the price of energy storage batteries has stabilized and is beginning to recover, leading to improved profitability [2][21]. PART 3: Industry Trends - The report notes that leading companies are accelerating their overseas production capacity to meet local supply needs, particularly in Europe and Southeast Asia [2][3]. - Technological advancements are ongoing, with a focus on larger cell sizes and improved performance metrics [2][3]. PART 4: Valuation Comparison and Investment Recommendations - The report suggests that leading companies have a clear valuation advantage, with CATL being the top pick, followed by other notable firms such as Yiwei Lithium Energy and Xinwangda [2][3]. - The report emphasizes the potential for continued profitability in the battery sector, particularly for leading companies and those with low valuations [2][3].

Group 1 - The report indicates that gold is currently at an overbought level, with a 14-day RSI of 78, suggesting potential profit-taking and increased volatility in the short term [1][2] - There is a lack of consistent trend in gold ETF flows, with significant inflows in US ETFs amounting to approximately $367 billion, while Chinese ETFs have seen outflows exceeding $26.5 billion, marking China as the only region with notable reductions [1][2] - The demand for physical gold delivery remains limited, as gold inventories have not significantly increased, indicating that the short-term squeeze on physical gold is relatively constrained [2][3] Group 2 - The market has fully priced in three interest rate cuts for the year, with no further upward adjustments expected, despite a pessimistic outlook on the US economy due to weak employment data [3][4] - Historical analysis shows that preemptive interest rate cuts do not necessarily lead to a significant depreciation of the US dollar, with the dollar often recovering in the months following such cuts [3][4] - The relative strength of the euro may be temporary, as the European Central Bank has limited room for further monetary easing compared to the US, which may alleviate downward pressure on the dollar if the US economy shows resilience [3][4]