Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Views - The gas industry is expected to benefit from supply easing, cost optimization by gas companies, and a continued adjustment of pricing mechanisms leading to increased demand [2] - The report highlights the importance of monitoring the impact of tariffs on US LNG imports and the potential for companies like New Oriental to mitigate these impacts through resale strategies [2] Summary by Sections Price Tracking - As of September 5, 2025, US gas prices increased by 6%, while European and Chinese gas prices remained stable [10][11] - The average total supply of natural gas in the US decreased by 0.6% week-on-week to 1,119 billion cubic feet per day, with a year-on-year increase of 3% [15] Supply and Demand Analysis - US natural gas demand decreased by 3% week-on-week to 996 billion cubic feet per day, with a year-on-year increase of 0.5% [15] - European natural gas consumption from January to May 2025 was 2,180 billion cubic meters, reflecting a year-on-year increase of 6.6% [17] Pricing Progress - Nationwide, 65% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter [38] - The report indicates that there is still a 10% room for price adjustment in the gas distribution sector [38] Investment Recommendations - Key recommendations include New Oriental Energy, China Resources Gas, Kunlun Energy, and China Gas, all with attractive dividend yields [2][55] - Companies with quality long-term contracts and cost advantages, such as Jiufeng Energy and New Oriental, are highlighted for their potential [2][55] - The report emphasizes the importance of energy independence and suggests monitoring companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [2][55]

Core Insights - The report emphasizes the imminent industrialization inflection point for solid-state batteries, highlighting significant investment opportunities in this sector [1] - Solid-state batteries are expected to replace traditional lithium batteries across various applications, with a projected global shipment of 614 GWh by 2030 and a market size in China reaching 20 billion yuan by 2030 [4][15] Technology Comparison - Solid-state batteries utilize solid electrolytes, offering advantages such as improved safety, higher energy density (over 500 Wh/kg), and better cycle life compared to traditional liquid batteries [2][10] - Among the three main electrolyte technologies (sulfide, oxide, and polymer), sulfide is anticipated to become the mainstream due to its theoretical advantages in energy density, despite challenges in production [3][12] Market Potential - The solid-state battery market is expected to grow at a CAGR of over 80% from 2024 to 2030, with consumer electronics being the first sector to adopt this technology [4][15] - The report identifies eVTOL and robotics as emerging application areas for solid-state batteries, driven by their high energy density requirements [9] Policy and Industry Support - Since 2024, policies supporting solid-state battery development have intensified, with significant government investments and initiatives aimed at advancing this technology [7][16] - Key players in the industry, such as CATL and BYD, are expected to achieve small-scale production of solid-state batteries by 2027, marking a critical validation point for the industry [17] Investment Opportunities - The report suggests focusing on leading battery cell manufacturers and equipment suppliers, as the solid-state battery sector is still in the early stages of development [8][21] - The equipment sector is highlighted as having a clearer path to profitability, with companies like Xian Dai Intelligent and others showing promising performance [8][21]

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 锂电旺季行情来临，储能需求超预期 2025 年 09 月 08 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 《工控进一步复苏，电网景气度保持》 2025-09-07 《盈利触底回升，龙头强者恒强》 2025-09-04 东吴证券研究所 1 / 50 请务必阅读正文之后的免责声明部分 ◼ 电气设备 9059 上涨 7.39%，涨幅强于大盘。（本周，9.1-9.5）光伏涨 14.51%，锂电池涨 9.2%，电气设备 涨 7.39%，新能源汽车涨 3.68%，风电涨 3.67%，核电涨 1.49%，发电设备涨 0.43%。涨幅前五为先导智能、 杭可科技、亿纬锂能、阳光电源、锦浪科技；跌幅前五为天融信、麦格米特、湘电股份、南风股份、中电 兴发。 ◼ 行业层面：人形机器人：人形 ...

（1）本周 AI 方向出现大幅波动，以 CPO 为主的海外算力链大幅调整： 一方面由于市场情绪出现大幅波动，不少资金存在止盈心态，尤其是自 4 月以来持续大涨；另一方面由于 8 月以来融资资金大幅买入科技类的大盘 成长标的，融资存在明显超配，而融资的流出则加剧市场波动。AI 行情尚 未结束，但产业级别行情并非一帆风顺；短期 AI 进入博弈期，市场或面临 风格切换。 证券研究报告·策略报告·策略周评 策略周评 20250908 风格切换期，关注应用端产业变化 2025 年 09 月 08 日 [Table_Summary] 本周 AI 要闻 （信息来源：WIND 陆家嘴财经早餐、华尔街见闻、美团、财联社） 周度观点 ◼ 市场风格切换，AI 进入博弈期，关注应用端产业变化。 （2）科技巨头持续布局，重心逐步从模型本身向应用端转向。腾讯开源轻 量级模型 Hunyuan-MT-7B，推理速度比同类模型快 30%，为专业翻译场景 提供精准支持，标志着中国在低资源语言翻译领域取得显著进步。美团发 布并开源 LongCat-Flash-Chat 大模型，采用混合专家架构实现算力按需分 配，在智能体任务中表现突出且已应用于美 ...

Investment Rating - The report maintains a positive outlook on the automotive sector, suggesting an increase in investment weight towards automotive dividend style configurations in the second half of 2025 [3]. Core Insights - The automotive industry is at a crossroads, with the end of the electric vehicle (EV) dividend phase and the dawn of automotive intelligence. The report suggests that structural opportunities may arise similar to past transitions in 2011 and 2018 [3]. - The report highlights significant developments in the industry, including the pre-sale of the Wanjie M7, which has surpassed 100,000 small orders, and the unveiling of Tesla's new generation Optimus robot [2][3]. - The report forecasts a retail sales volume of 23.7 million units in 2025, representing a year-on-year growth of 4.1% [51]. Weekly Review - In the fourth week of August, the total number of compulsory insurance for passenger vehicles reached 515,000 units, reflecting a week-on-week increase of 9.7% and a month-on-month increase of 11.5% [50]. - The report notes that the commercial passenger vehicle segment performed the best among sub-sectors, with a weekly increase of 5.1%, while the passenger vehicle segment saw a decline of 2.3% [2][16]. - The report indicates that the overall price-to-earnings (P/E) ratio for the automotive sector has decreased, with the P/E ratio for passenger vehicles at 0.99 times that of the components [33][41]. Market Trends - The report emphasizes the importance of the new energy vehicle (NEV) market, with NEV sales reaching 286,000 units in the fourth week of August, marking a week-on-week increase of 8.2% and a month-on-month increase of 16.5%, with a penetration rate of 55.4% [50]. - The report predicts that the demand for vehicle updates will provide a bottom support for domestic sales, with expectations of continued stimulus policies [56][59]. - The report highlights the competitive landscape for intelligent driving, predicting that L3 automation will see a penetration rate of 20% by 2025, driven by major players like Tesla and Huawei [54]. Company-Specific Developments - The report mentions that companies such as Tesla and Yujing Technology are making significant strides in the robotics sector, with Tesla's new generation Optimus robot being showcased on social media [64]. - The report identifies key stocks to watch, including Top Group and Junsheng Electronics, as well as companies involved in robotics and intelligent driving technologies [64].

原因一：经济增速下滑期间，缩表将加剧经济下行；原因二：2023 年以 来央行货币政策取向偏宽松，流动性充裕，降低缩表的必要性；原因三： 商业银行以国有资本为主，缩表可能违背政府关于金融服务实体经济的 呼吁；原因四：监管助力商业银行关键指标持续处于合格线以上，故信用 风险短暂上升仍留有安全垫；国内外局势遭遇逆风，部分中小银行存在缩 表可能，但全行业缩表概率较低。 风险提示：国内外经济局势调整超预 期；主体违约概率抬升超预期；央行货币政策转向或监管要求变化超预 期。 固收深度报告 20250901：利率周期与财富转型：美国居民资产配置的重 构—低利率时代系列（九） 20 世纪 70 年代末以来，美国货币政策与居民财富配置的互动，构成了 理解美国经济金融变迁的关键线索。本研究以联邦基金利率的转折性变 化为分界点，追溯 1979 年至今美国居民财富配置的演进轨迹，解析不同 利率环境下资产配置选择的变迁。 回顾 50 年变迁，美国利率政策呈现 出大开大合的特点，美国居民资产配置呈现出"利率主导、风险轮动"的 鲜明轨迹。整体而言非金融资产占比下行，房产独大格局弱化；金融资产 内部呈现"权益类崛起，现金类潮汐"特征。在加息 ...

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Views - The report emphasizes the need to focus more on domestic demand as the industry navigates through current challenges [1] - The construction materials sector has shown a decline of 2.79% this week, underperforming compared to the Shanghai Composite Index and the Wind All A Index [5] - The report highlights potential recovery in consumption-related building materials, with expectations for growth in the second half of the year [5] Summary by Sections 1. Industry Trends - The construction materials sector has experienced fluctuations, with a notable decline in prices for cement and glass products [5][12] - The average price of high-standard cement is reported at 342.7 yuan/ton, down 1.7 yuan from the previous week and down 40.0 yuan from the same period last year [19][20] - The average cement inventory level is at 64.1%, showing a slight increase from the previous week but a decrease compared to last year [22] 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - Cement demand has not shown significant improvement, with a slight increase in average shipment rates [12] - The report anticipates a rebound in cement prices due to ongoing efforts to stabilize the market [12] - Major cement companies are expected to benefit from improved industry dynamics and potential consolidation [12] 2.2 Glass - The glass market is currently facing weak demand and high inventory levels, leading to price fluctuations [14] - The report suggests that supply-side adjustments may help stabilize prices in the medium term [14] 2.3 Fiberglass - The fiberglass sector is expected to see a recovery in profitability as supply pressures ease and demand remains resilient [13] - The report highlights the potential for growth in new applications, particularly in renewable energy sectors [13] 3. Industry Dynamics Tracking - The report notes that government policies aimed at boosting domestic demand are expected to positively impact the construction materials sector [15] - The ongoing recovery in the real estate market is anticipated to further enhance demand for building materials [15] 4. Weekly Market Review - The construction materials sector has underperformed compared to broader market indices, indicating potential investment opportunities in undervalued stocks [5][20]

Investment Rating - The report maintains an "Overweight" rating for the construction decoration industry [1] Core Viewpoints - The construction sector's mid-year performance is under pressure, with revenue and profit still facing challenges, although cash flow has improved. The overall sector remains under pressure due to weak infrastructure and real estate investments, but some specialized engineering fields are performing relatively well. The construction PMI for August has dropped into contraction territory, indicating a slowdown in construction activities and a persistently low new order index. There is potential for increased fiscal policy support to boost growth [2][11] - The report highlights the importance of urban renewal and major infrastructure investment projects, suggesting that central fiscal efforts and funding support could accelerate the implementation of key projects, particularly in regions like Xinjiang, Tibet, and Sichuan-Chongqing [2][11] - The overseas contracting business has shown growth, with a 9.3% year-on-year increase in completed operating revenue and a 13.7% increase in new contracts signed in the first half of 2025. The report suggests that the Belt and Road Initiative will continue to drive infrastructure cooperation, benefiting overseas engineering demand [3][12] - There are investment opportunities in specialized manufacturing engineering, energy-saving, and carbon reduction sectors, as well as in new energy-related infrastructure fields. Companies with relevant transformation layouts are expected to benefit [3][12] Summary by Sections Industry Viewpoints - The construction sector's mid-year report indicates continued pressure on revenue and profit, with cash flow showing some improvement. The overall industry remains weak, with a decline in the construction PMI and a slowdown in new orders. There is potential for fiscal policy support to enhance growth [2][11] - The report recommends focusing on major projects in central and western regions, particularly in Xinjiang, Tibet, and Sichuan-Chongqing, where infrastructure investments are expected to recover [2][11] Industry Dynamics Tracking - The Shanghai Cooperation Organization summit proposed the establishment of a development bank to support regional infrastructure projects, which could benefit construction enterprises involved in the Belt and Road Initiative [14] - From January to July, 19,800 urban old community renovation projects were initiated, reflecting a strong progress in construction activities, which is expected to drive demand for related engineering and materials [15] Weekly Market Review - The construction decoration sector experienced a decline of 1.37% this week, while the Shanghai Composite Index and the Wind All A Index saw declines of 0.81% and 1.37%, respectively [20]

[Table_Tag] [Table_Summary] 投资要点 证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 政策支持与技术迸发叠加，看好脑机接口产 业链发展，建议关注诚益通、三博脑科等 增持（维持） 2025 年 09 月 07 日 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -4% 1% 6% 11% 16% 21% 26% 31% 36% 41% 46% 2024/9/9 2025/1/7 2025/5/7 2025/9/4 医药生物 沪深300 相关研究 《医药行业 2025H1 总结报告：CXO、 创新药、科研服务收入增长较快》 2025-08-31 《 AI 制药产业兑现，重点推荐晶泰 控股等》 2025-08-24 东吴证券研究所 1 / 28 请务必阅读正文之后的免责声明部分 | 图 | 1： | | | | | | | | | 脑机接口技术实现方法 8 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 图 | 2： | | ...

Employment and Inflation Outlook - The upcoming FOMC meeting in September will be influenced by the recalibration of non-farm payroll data and August inflation figures[2] - The BLS will adjust non-farm employment data based on the QCEW, which covers 97% of businesses, providing a more accurate employment picture[2] - A significant downward revision of 818,000 jobs in March 2024 was noted, marking the second-largest adjustment since 1979, which may lead to a 50bps rate cut in September 2024[2] Inflation Data Expectations - Analysts expect August CPI to show a month-on-month increase of 0.3% and a year-on-year increase of 2.9%, with core CPI also expected to rise by 0.3% month-on-month[4] - The impact of tariffs on core CPI is anticipated to manifest gradually, with a moderate effect expected on inflation[4] Market Reactions and Predictions - The recent cooling of U.S. employment data has led to a strong market expectation for a rate cut in September, with a baseline prediction of a 25bps cut and potential for 1-2 additional cuts throughout the year[3] - Gold prices surged to over $3,600 per ounce, driven by falling U.S. Treasury yields and increased risk aversion due to fiscal concerns in the Eurozone[3] Economic Indicators - The ISM Manufacturing PMI for August was reported at 48.7, slightly below expectations, while the ISM Services PMI rose to 52, indicating mixed economic signals[3] - Non-farm payrolls added only 22,000 jobs in August, significantly below the expected 75,000, with the unemployment rate at 4.324%[3] GDP Forecasts - The Atlanta Fed's GDPNow model predicts a 3.0% growth for Q3 2025, while the New York Fed's Nowcast model estimates a 2.1% growth for the same period[3]