Investment Rating - The report maintains an "Accumulate" rating for the electronic industry, indicating a positive outlook for the sector over the next six months [1]. Core Insights - The advanced packaging sector is crucial for the development of domestic computing power, with significant growth expected due to rising demand for advanced packaging technologies such as CoWoS and Fan-out [4]. - The report highlights the strong performance of ASMPT in Q2, driven by robust demand in China, with a 50% year-on-year increase in TCB orders, indicating a recovery in domestic advanced packaging demand [4]. - The report suggests that domestic computing power is likely to replicate the rapid growth seen in overseas markets, particularly in AI applications, positioning advanced packaging as a foundational element for this growth [4]. Summary by Sections Industry Trends - The report notes a projected increase in the electronic industry, with a focus on advanced packaging technologies that are essential for GPU, CPU, and base station applications [4]. - The importance of domestic advanced packaging supply is emphasized, especially in light of constraints in Taiwan's advanced packaging capacity [4]. Investment Recommendations - The report recommends focusing on leading companies in advanced packaging, including Shenghe Jingwei, Changdian Technology, Tongfu Microelectronics, and Yongxi Electronics, as well as materials and equipment suppliers like Qiangli New Materials and Jingzhida [4].

Group 1 - The core narrative of the current market is that the market ROE is reaching an inflection point, driven by the consensus on the stabilization of the profit cycle and the initiation of supply-side reforms [1][3] - The "anti-involution" policy is expected to accelerate supply-side reforms, while major infrastructure projects like the Yajiang Hydropower Station are opening up demand expansion space, reinforcing expectations for economic supply-demand optimization and ROE stabilization [1][3] - The trading narrative based on the ROE inflection point can be divided into two phases: the first phase is the inflection point trading, and the second phase is the space trading, which depends on the efficiency of supply policy implementation and the coordination of demand policy [1][3] Group 2 - The current "anti-involution" market has also followed a two-step rhythm, with the first phase of inflection point trading largely completed since July 1, 2025, when the Central Financial Committee proposed "governing disorderly competition" [3][4] - The rapid completion of the inflection point trading in this round is attributed to market learning effects and the current ample liquidity, which provides a basis for quick pricing [3][4] - The transition from inflection point trading to space trading is expected to experience a period of consolidation, as the market digests short-term profit-taking and re-establishes consensus on the space logic [3][4] Group 3 - The narrative logic and funding logic of dividend assets are facing challenges, as the improvement in economic expectations is likely to drive a reversal in interest rate expectations, undermining the narrative of perpetual dividends [4][6] - The core narrative of perpetual dividends assumes that the ten-year government bond yield will continue to decline or remain low, but this assumption is at risk of reversal as economic optimism rises [6][9] - The trading logic of dividend assets is closely tied to the movements of the ten-year government bond yield, with dividend asset pricing anchored to this yield [6][9] Group 4 - The current market is expected to present characteristics of "cyclical sectors taking the stage, with growth sectors performing," as the supply-demand structure continues to improve with the deepening of the anti-involution policy and the implementation of major infrastructure projects [9][10] - Industry allocation should focus on cyclical sectors related to major infrastructure, which have clear performance elasticity in the context of economic recovery [9][10] - Long-term growth directions such as the AI industry chain, humanoid robots, military industry, and innovative pharmaceuticals remain key investment themes [9][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in H1 2025 met expectations, with a revenue of 10.737 billion yuan, a year-on-year increase of 36.37%, and a net profit of 2.375 billion yuan, up 37.22% year-on-year [8] - The company is continuing to execute its platform strategy, with significant growth in its second product line and steady progress in national expansion [8] - The report maintains profit forecasts for 2025-2027, projecting net profits of 4.654 billion yuan, 6.010 billion yuan, and 7.349 billion yuan respectively, with year-on-year growth rates of 39.90%, 29.14%, and 22.27% [8] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 11.263 billion yuan, with a year-on-year growth of 32.42% [1] - The net profit for 2023 is expected to be 2.040 billion yuan, reflecting a year-on-year increase of 41.60% [1] - The latest diluted EPS for 2023 is estimated at 3.92 yuan per share [1] Revenue Breakdown - In Q2 2025, revenue from East Peng's main products showed significant growth, with East Peng Special Drink, electrolyte drinks, and other beverages generating revenues of 4.46 billion yuan, 0.92 billion yuan, and 0.50 billion yuan respectively, with year-on-year growth rates of 18.8%, 190%, and 61.8% [8] - Revenue growth across regions in Q2 2025 was robust, with notable increases in areas such as North China (74.1% year-on-year) and online sales (53.6% year-on-year) [8] Profitability Metrics - The gross profit margin for Q2 2025 was 45.7%, a slight decrease of 0.35 percentage points year-on-year [8] - The net profit margin for Q2 2025 was 23.7%, down 0.61 percentage points year-on-year, primarily due to narrowing gross sales differences [8] Valuation Metrics - The current P/E ratio based on the latest diluted EPS is 76.46 for 2023, decreasing to 21.22 by 2027 [1] - The projected P/B ratio for 2024 is 20.29, decreasing to 7.55 by 2027 [9]

固收点评 20250726 证券研究报告·固定收益·固收点评 二级资本债周度数据跟踪 （20250721-20250725） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行与存量情况： 本周（20250721-20250725）银行间市场及交易所市场共新发行二级资本 债 6 只，发行规模为 1099.00 亿元。发行年限为 10Y、15Y；发行人性 质为大型民企、中央金融企业；主体评级为 AAA、AA；发行人地域为 广东省、北京市、浙江省。 截至 2025 年 7 月 25 日，二级资本债存量余额达 47,596.35 亿元，较上 周末（20250718）增加 1,085.0 亿元。 ◼ 二级市场成交情况： 本周（20250721-20250725）二级资本债周成交量合计约 2881 亿元，较 上周增加 454 亿元，成交量前三个券分别为 25 农行二级资本债 02B(BC) （200.17 亿元）、25 工行二级资本债 01BC（196.91 亿元）和 25 中行 二级资本债 01BC（172.39 亿元）。 分发行主体地域来看，成交量前三为北京市、上海市和福建省，分别约 为 ...

Group 1: Investment Rating - There is no information about the industry investment rating in the report Group 2: Core View - The report tracks the weekly data of green bonds from July 21 to July 25, 2025, covering primary market issuance, secondary market trading, and valuation deviation of individual bonds [1] Group 3: Summary by Catalog Primary Market Issuance - 24 new green bonds were issued in the inter - bank and exchange markets, with a total issuance scale of about 35.999 billion yuan, an increase of 27.42 billion yuan from last week [1] - Most bonds have a 3 - year issuance term, and issuers include central enterprise subsidiaries, local and central state - owned enterprises, and large private enterprises [1] - The issuers' credit ratings are mostly AAA and AA +, and they are located in Beijing, Anhui, Guangdong, and other places [1] - The types of issued bonds include ultra - short - term financing bills, science and technology innovation bonds, and other financial institution bonds [1] Secondary Market Trading - The total weekly trading volume of green bonds was 61 billion yuan, an increase of 8.7 billion yuan from last week [2] - By bond type, the top three in trading volume were financial institution bonds, non - financial corporate credit bonds, and interest - rate bonds, with trading volumes of 30.4 billion, 23.6 billion, and 5.4 billion yuan respectively [2] - By issuance term, green bonds with a term of less than 3 years had the highest trading volume, accounting for about 87.94% [2] - By issuer's industry, the top three industries in trading volume were finance, public utilities, and transportation equipment, with trading volumes of 32.5 billion, 11.7 billion, and 1.5 billion yuan respectively [2] - By issuer's region, the top three in trading volume were Beijing, Guangdong, and Fujian, with trading volumes of 25 billion, 5 billion, and 5 billion yuan respectively [2] Valuation Deviation of Individual Bonds - The overall deviation of the weekly average trading price valuation of green bonds was not large, with the discount trading amplitude smaller than the premium trading, and the discount trading proportion less than the premium trading [3] - Among the discount bonds, the top three in discount rate were 21 Linchuan Green Bond 02 (- 0.3664%), 22 Vanke GN003 (- 0.1649%), and 24 Kangfu Leasing MTN002 (sustainability - linked) (- 0.1057%) [3] - Among the premium bonds, the top four in premium rate were 22 Guangdong Bond 10 (1.1757%), GC Wind Power KV (0.8326%), 20 Shandong 70 (0.7413%), and 25 CNNC Leasing GN002 (carbon - neutral bond) (0.5381%) [3]

Investment Rating - The report recommends investing in companies with high demand visibility in the Middle East, specifically highlighting **Jereh Group** and **Neway Valve** as key targets for investment due to their strong market positions and growth potential [2]. Core Insights - The political and economic ties between China and the Middle East are strengthening, creating new opportunities for cooperation in natural gas development, with the Middle East holding 35% of the world's proven natural gas reserves as of 2023 [2][9]. - Middle Eastern countries are accelerating their natural gas development to optimize energy supply structures and maintain their dominant positions in the global fossil fuel market, with significant capital expenditures expected to drive equipment demand [2]. - Companies like **Jereh Group** and **Neway Valve** are making technological breakthroughs and gaining market penetration in the Middle East, with Jereh expected to achieve approximately 1.5 billion CNY in orders by 2024 [2]. Summary by Sections 1. China & Middle East Political and Economic Relations - The Belt and Road Initiative has deepened cooperation between China and OPEC countries, with China becoming the largest importer of OPEC oil, accounting for 24.3% of total OPEC exports in 2023 [9][12]. - The Middle East's natural gas reserves are substantial, with proven reserves accounting for 35.4% of global totals, indicating significant development potential [13][14]. 2. Acceleration of Natural Gas Layout in Middle East Countries - Countries like Saudi Arabia, UAE, Kuwait, Qatar, and Iran are actively enhancing their natural gas production capabilities to meet domestic and export demands, with Saudi Arabia planning to increase its natural gas output by approximately 60% by 2030 [2][30]. - The UAE aims for natural gas self-sufficiency by 2030 while also expanding LNG exports to solidify its position as a reliable global energy supplier [2][73]. 3. Breakthroughs in Equipment Technology & Customer Certification - Jereh Group has achieved significant technological advancements and certifications, positioning itself well in the Middle Eastern market, with a market share of about 10% expected by 2024 [2]. - Neway Valve's orders from the Middle East and Africa are projected to grow from 11% in 2022 to 25% by 2024, indicating a strong growth trajectory in this region [2].

Group 1: Reform Achievements - The Sci-Tech Innovation Board (STAR Market) has significantly improved its support for "hard technology" companies, allowing unprofitable firms with key technologies to go public[11] - Since the beginning of 2025, 73 new merger and acquisition transactions have been disclosed, with 13 major transactions, nearing the total of the previous five years from 2019 to 2023[13] - In 2024, total R&D investment reached CNY 168.01 billion, a year-on-year increase of 6.4%, accounting for 12.67% of median operating revenue, leading all A-share sectors[19] Group 2: Market Ecosystem Optimization - 428 companies on the STAR Market have launched equity incentive plans, covering 73% of the board, with significant increases in dividend frequency and amounts[25] - 359 companies implemented dividend distributions in 2024, totaling CNY 35.8 billion, with 351 companies conducting buybacks amounting to CNY 21.5 billion[25] - The STAR Market has established a positive feedback mechanism linking R&D investment, profit growth, dividend increases, and share buybacks, fostering a healthy capital market ecosystem[26] Group 3: Innovations in Listing Standards - The reintroduction of the fifth listing standard has expanded to other tech industries, allowing unprofitable but high-growth firms to access domestic capital markets, thus avoiding overseas financing[28] - The pre-review mechanism enhances audit efficiency and protects core technologies, allowing companies to maintain confidentiality regarding sensitive information during the IPO process[33] - The introduction of seasoned professional institutional investors improves resource allocation efficiency, reducing information asymmetry and enhancing market pricing efficiency[44]

Macro Strategy - The report concludes that China's service sector employment and wage levels are not low compared to 43 economies, but there are three areas for improvement: the employment share in the service sector is still low compared to high-income economies, particularly in health and social work and real estate; the construction sector's employment is close to saturation, while the real estate sector has room for growth; and there is a significant income disparity across different service industries, with telecommunications and finance having higher wages compared to education and real estate [4][5][6]. Fixed Income Analysis - The report discusses the phenomenon of "deflation," characterized by a continuous decline in money supply and prices, leading to economic recession. It highlights that the main causes of deflation include supply-demand imbalances and a decrease in nominal money supply or circulation speed. Historical examples from Japan and the US illustrate how these countries responded to deflation through fiscal expansion and monetary easing [7][8]. - As of the first half of 2025, China's CPI showed a slight decline, averaging -0.07%, while PPI remained in negative territory, averaging -2.77%. The report attributes the low CPI to declines in food and transportation costs, while PPI is affected by weak real estate and infrastructure investment [7][8]. Company Analysis - 聚星科技 (Juxing Technology) is identified as a "small giant" in the electrical contact products sector, with a strong focus on technological innovation. The company was established in November 1996 and went public on the Beijing Stock Exchange in November 2024, becoming the first company from Wenzhou to list there. In 2024, it achieved a net profit of 116 million yuan, a year-on-year increase of 51.12%, and in Q1 2025, the net profit was 23 million yuan, up 44.97% year-on-year [2][10]. - The electrical contact products industry is expanding, with a compound annual growth rate of 10.98% from 2015 to 2023. The low-voltage electrical equipment market is also growing, driven by increasing fixed asset investments and rising demand in household appliances and industrial control sectors [10]. - 聚星科技 emphasizes core product focus and technological innovation, holding a competitive gross margin compared to peers. The company has established strong relationships with major low-voltage electrical manufacturers, enhancing customer loyalty [10]. - The report forecasts that the company's net profit will reach 130 million, 158 million, and 194 million yuan in 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 12%, 21%, and 23%. The company is rated as "overweight" due to its strong growth potential and sufficient production capacity [3][10].

证券研究报告·行业点评报告·电子 电子行业点评报告 自主可控趋势不可逆，国之重器代工双雄应 该重视！ 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：扩产不及预期/需求不及预期 2025 年 07 月 24 日 证券分析师 陈海进 执业证书：S0600525020001 chenhj@dwzq.com.cn 行业走势 -11% -5% 1% 7% 13% 19% 25% 31% 37% 43% 49% 2024/7/24 2024/11/22 2025/3/23 2025/7/22 电子 沪深300 相关研究 《关注 AI 算力需求快速发展，看好国 产设备商充分受益》 2025-07-19 《长鑫存储启动上市辅导，看好国内 先进制程扩产利好国产设备商》 2025-07-08 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 ◼ 中美科技战持续加码，自主可控趋势不可逆！7 月 23 日，美国发布 AI 行动计划《Winning the AI Race: America' AI Action》，从三个方面加强对 半导体的出口管制：1.通过芯片定位加强芯片出 ...

李强将出席 2025 世界人工智能大会，北证 指数温和反弹 ◼ 公司公告：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。 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 20250724 2025 年 07 月 24 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 《海南封关进一步扩大开放，北证指 数有所回调》 2025-07-23 《外资持债超 4.2 万亿，我国外汇市 场韧性凸显》 2025-07-22 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 [Table_Tag] [Table_Summary] ◼ ...