Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's revenue expectations for 2025, 2026, and 2027 are projected to be 219.5 billion, 237.6 billion, and 253.8 billion RMB, respectively, with year-on-year growth rates of +8.6%, +8.3%, and +6.8% [3] - The net profit attributable to the parent company for 2025, 2026, and 2027 is expected to be 12.3 billion, 13.9 billion, and 14.4 billion RMB, with year-on-year changes of -3.3%, +12.9%, and +3.7% [3] - The company is accelerating its focus on smart technology, globalization, and off-road capabilities, which supports the investment thesis [3] Financial Performance Summary - For H1 2025, the company achieved total revenue of 92.37 billion RMB, a year-on-year increase of 1.03%, and a net profit of 6.34 billion RMB, a decrease of 10.22% year-on-year [10] - In Q2 2025, the company reported revenue of 52.35 billion RMB, with a quarter-on-quarter increase of 7.8% and a year-on-year increase of 30.8% [10] - The wholesale sales volume in Q2 2025 reached 313,000 units, with a year-on-year increase of 10.07% [10] - The company’s new energy vehicle sales in Q2 2025 were 98,000 units, representing a year-on-year increase of 33.7% [10] Strategic Initiatives - The company is committed to long-term strategies focusing on smart technology, off-road capabilities, and ecological globalization [10] - The introduction of the Coffee Pilot intelligent driving system and the Coffee OS 3 smart space system reflects the company's advancements in smart technology [10] - The company has been recognized as one of the top 20 brands in China's globalization efforts for 2025 [10]

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry [1] Core Insights - The report highlights investment opportunities in the AIDC (Artificial Intelligence Data Center) industry chain, particularly following the U.S. government's lifting of restrictions on H20 chips, which are expected to accelerate AI investments in China [2] - The semiconductor equipment sector is poised to benefit from the rapid growth in AI computing demand, with domestic equipment manufacturers likely to gain significant market share [3] - The robotics sector is experiencing a rebound, driven by advancements in Tesla's Optimus GEN3 and the upcoming IPO of Yuzhu Technology, which are expected to catalyze industry growth [4] - The engineering machinery sector shows resilience with domestic sales recovering and exports maintaining high demand, supported by government infrastructure investments [5][8] Summary by Sections Recommended Stocks - The report recommends a diversified portfolio including companies such as Northern Huachuang, Sany Heavy Industry, Zhongwei Company, and others across various segments like semiconductor equipment, robotics, and engineering machinery [1][15] AIDC Chain Insights - The AIDC chain is expected to see significant capital expenditure, particularly in diesel generator sets, benefiting companies like Weichai Heavy Machinery and Keta Power [2] - The gas turbine industry is also highlighted, with increasing demand driven by energy transition needs in Saudi Arabia and North America [2] Semiconductor Equipment Insights - The report emphasizes the need for domestic breakthroughs in high-end SoC testing machines and the expansion of advanced processes in semiconductor manufacturing [3] - Companies like Jing Sheng Machinery and Huahai Qingke are identified as key players in advanced packaging and testing equipment [3] Robotics Sector Insights - The report identifies key components in Tesla's Optimus GEN3, such as dexterous hands and electronic skin, and suggests focusing on companies like Hanwei Technology and Zhengyu Industry [4] - The application side of robotics is expected to grow significantly, with recommendations for companies like Jack Holdings and Zhongli Co., Ltd. [4] Engineering Machinery Insights - The report notes a strong recovery in excavator sales, with June 2025 figures showing a 13% year-on-year increase, indicating a positive outlook for the engineering machinery sector [8] - The report also highlights the ongoing demand in emerging markets and the expected support from government infrastructure projects [8] Forklift Industry Insights - The forklift industry saw a 23% year-on-year increase in sales in June, with domestic sales up 27%, indicating strong growth potential [9] - The report suggests focusing on leading companies in the sector, such as Anhui Helix and Hangcha Group, which are expanding their smart logistics capabilities [9] Solid-State Battery Equipment Insights - The report discusses the rapid development of solid-state batteries, with significant opportunities for equipment manufacturers as the technology matures [28][30] - Key players in the solid-state battery equipment sector include companies like Xian Dao Intelligent and Yinghe Technology, which are positioned to benefit from the expected demand surge [30] Oil Service Equipment Insights - The report highlights the growth potential in the Middle East oil service market, with recommendations for companies like Jereh and Neway, which are expanding their presence in the region [32][35] - The report notes that both companies are experiencing significant growth in orders from the Middle East, driven by increasing demand for oil service equipment [34]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Overseas markets continued the previous week's trend, with US Treasuries falling and US stocks remaining flat. The short - end of US Treasuries had a weaker upward movement than the long - end. There are concerns about the impact of Trump's tariff policies on prices and the support of stablecoins on the short - end of US Treasuries. The global "re - globalization" faces regional supply - demand imbalances, making it difficult for central banks to act in unison, and the view of relying on external "monetary easing" may underestimate this regional feature [1][36]. - There are concerns in the domestic convertible bond market, including potential net supply contraction, the impact of profit - taking by insurance funds and wealth management products on high valuations, and the possibility of equities "occupying" convertible bond positions. However, the convertible bond market in the second half of 2025 still has opportunities, and it is still in the early stage compared to 2014 - 2015, with less extreme supply - demand mismatch [1][37][38]. 3. Summary by Relevant Catalogs 3.1. Weekly Market Review 3.1.1. Equity Market - From July 14th to July 18th, the equity market rose overall. The Shanghai Composite Index rose 0.69% to 3534.48 points, the Shenzhen Component Index rose 2.04% to 10913.84 points, the ChiNext Index rose 3.17% to 2277.15 points, and the CSI 300 rose 1.09% to 4058.55 points. The average daily trading volume of the two markets increased by about 498.76 billion yuan to 15260.45 billion yuan, a week - on - week increase of 3.38%. Among 31 Shenwan primary industries, 18 industries closed up, with 7 industries rising more than 2%. Communication, pharmaceutical biology, automobile, machinery equipment, and national defense and military industry led the gains [6][9][12]. 3.1.2. Convertible Bond Market - From July 14th to July 18th, the CSI Convertible Bond Index rose 0.67% to 453.86 points. Among 29 Shenwan primary industries, 22 industries closed up, with 5 industries rising more than 2%. Household appliances, automobile, media, electronics, and computer led the gains. The average daily trading volume of the convertible bond market was 729.76 billion yuan, a significant increase of 16.97 billion yuan, a week - on - week change of + 2.38%. About 72.12% of individual bonds rose, with 32.49% rising in the 0 - 1% range and 19.71% rising more than 2% [6][14]. - The overall market conversion premium rate continued to decline, with an average daily conversion premium rate of 44.08%, a decrease of 0.24 pct compared to last week. Different price and parity intervals showed different trends in the conversion premium rate. In terms of industries, 9 industries saw an expansion in the conversion premium rate, and 20 industries saw an increase in conversion parity [14][19][29]. 3.1.3. Stock - Bond Market Sentiment Comparison - From July 14th to July 18th, the weekly weighted average and median of the convertible bond and underlying stock markets were positive, and the underlying stocks had a larger weekly increase. The convertible bond market's trading volume increased by 2.38% week - on - week, while the underlying stock market's trading volume decreased by 0.63% week - on - week. Overall, the trading sentiment in the underlying stock market was better [32]. 3.2. Outlook and Investment Strategies - There are opportunities in the convertible bond market in the second half of 2025. Even compared to 2014 - 2015, it is still in the early stage, and the supply - demand mismatch is less extreme. Good "metabolism" will stimulate the continuous vitality of the convertible bond market in the medium term [1][39]. - The top ten high - rated, medium - low - priced convertible bonds with the greatest potential for conversion premium rate repair next week are: Likezhuanzhai, Guanghezhuanzhai, Youzuzhuanzhai, Yushuizhuanzhai, Lianchengzhuanzhai, Pufazhuanzhai, Liqunzhuanzhai, Ying19zhuanzhai, Fenghuozhuanzhai, and Shuangliangzhuanzhai [1][39].

2025年7月20日 证券研究报告 关注人工智能、稳定币、机器人 ——每周主题、产业趋势交易复盘和展望 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 目录 1、本周市场回顾 2、产业趋势交易回顾与展望 3 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 一：大盘表现 4 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 3、风险提示 2 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所 ...

证券研究报告·策略报告·策略周评 策略周评 20250720 基于 ROE 触底逻辑下的市场上行 2025 年 07 月 20 日 ◼ 政策催化："反内卷"优化供给侧格局，催化 ROE 触底预期 从政策出台背景来看，2023Q2 以来，我国 GDP 平减指数转负，工业品及 消费品价格水平表现承压。在总需求缺乏弹性、供给端产能重复建设的背 景下，企业经历供需再平衡阵痛，自发性降价竞争等现象频出，其中新兴 优质制造业矛盾突出，如光伏硅料、组件价格自 2023 年以来跌幅近 90%， 碳酸锂跌至 6 万元/吨的成本线附近。全 A 两非 ROE 由 2021Q2 的 9.6%回 落至 2025Q1 的 6.5%，供给侧结构优化的迫切性增强。 在此背景下，本轮"反内卷"政策站位高、信号明确。从去年 7 月政治局 会议首提"强化行业自律，畅通落后低效产能退出渠道"，到今年 7 月习总 书记强调"依法依规治理企业低价无序竞争，推动落后产能有序退出"，"反 内卷"顶层设计逐步清晰，政策导向持续强化，显示出中央对系统治理内 卷问题的高度重视与坚定决心。近日，从防范低空经济内卷，到监管"降 温"过度竞争的外卖市场，进一步释放高层 ...

证券研究报告·固定收益·固收点评 固收点评 20250719 二级资本债周度数据跟踪 （20250714-20250718） 本周（20250714-20250718）二级资本债周成交均价估值偏离幅度整体不 大，折价成交的比例大于溢价成交，折价成交的幅度大于溢价成交。 [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行与存量情况： 本周（20250714-20250718）银行间市场及交易所市场无新发行二级资本 债。 截至 2025 年 7 月 18 日，二级资本债存量余额达 46,511.35 亿元，较上 周末（20250711）减少 20.0 亿元。 ◼ 二级市场成交情况： 本周（20250714-20250718）二级资本债周成交量合计约 2427 亿元，较 上周增加 572 亿元，成交量前三个券分别为 25 工行二级资本债 03BC （338.49 亿元）、25 农行二级资本债 01A(BC)（189.86 亿元）和 25 中 行二级资本债 01BC（153.95 亿元）。 分发行主体地域来看，成交量前三为北京市、上海市和广东省，分别约 为 1928 亿元、177 亿元和 ...

Investment Rating - The report maintains an "Overweight" rating for the semiconductor industry, indicating a positive outlook for the sector in the next 6 months [1][7]. Core Insights - The rapid development of AI computing demand is a key driver for the semiconductor industry, with domestic equipment manufacturers expected to benefit significantly [1][4]. - The high-end SoC testing machine market presents substantial opportunities, necessitating breakthroughs from domestic manufacturers due to the complexity of testing [4]. - The demand for AI is driving the equipment supply chain, with advanced processes continuing to expand, particularly in domestic IC design companies [4]. - Silicon photonics equipment leaders are seeing a surge in orders, benefiting from the industrialization of silicon photonics driven by AI [4]. - Investment recommendations include focusing on advanced packaging, backend testing, front-end processes, and silicon photonics equipment [4]. Industry Trends - The semiconductor industry is projected to outperform the CSI 300 index, with a forecasted growth trajectory that shows a significant increase in demand for AI-related technologies [3][4]. - The report highlights the importance of domestic supply chains in the production of inference chips, which are becoming increasingly competitive on cost [4]. - The anticipated expansion in advanced logic and memory sectors is expected to lead to new project launches in the coming year [4].

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - In the primary market, 9 green bonds were newly issued in the inter - bank and exchange markets from July 14 to July 18, 2025, with a total issuance scale of about 8.579 billion yuan, a decrease of 26.246 billion yuan compared to the previous week [1]. - In the secondary market, the weekly trading volume of green bonds from July 14 to July 18, 2025, totaled 52.3 billion yuan, a decrease of 10 billion yuan compared to the previous week [2]. - The overall deviation of the weekly average trading price valuation of green bonds from July 14 to July 18, 2025, was not large. The discount trading amplitude was greater than the premium trading, and the proportion of discount trading was higher than that of premium trading [3]. 3. Summary by Relevant Catalogs Primary Market Issuance - **Number and Scale**: 9 green bonds were issued, with a total scale of about 8.579 billion yuan, down 26.246 billion yuan from the previous week [1]. - **Issuance Term**: Most issuance terms were 3 years [1]. - **Issuer Nature**: Included central enterprise subsidiaries, local state - owned enterprises, Sino - foreign joint - ventures, and other enterprises [1]. - **Subject Rating**: Mostly AAA and AA+ grades [1]. - **Issuer Region**: Beijing, Anhui, Sichuan, Zhejiang, Shanghai, and Tianjin [1]. - **Bond Types**: Science and technology innovation bonds, commercial bank ordinary bonds, private placement corporate bonds, credit ABS, and general corporate bonds [1]. Secondary Market Trading - **Total Trading Volume**: The weekly trading volume was 52.3 billion yuan, a decrease of 10 billion yuan compared to the previous week [2]. - **By Bond Type**: The top three in trading volume were non - financial corporate credit bonds (25.6 billion yuan), financial institution bonds (20.8 billion yuan), and interest - rate bonds (4.3 billion yuan) [2]. - **By Issuance Term**: Green bonds with a term of less than 3 years had the highest trading volume, accounting for about 88.61% [2]. - **By Issuer Industry**: The top three industries in trading volume were finance (21.5 billion yuan), public utilities (13.5 billion yuan), and transportation equipment (1.8 billion yuan) [2]. - **By Issuer Region**: The top three regions in trading volume were Beijing (16.8 billion yuan), Guangdong (6 billion yuan), and Hubei (4 billion yuan) [2]. Valuation Deviation of Top 30 Individual Bonds - **Discount Bonds**: The top three discount bonds were 24 Kangfu Leasing ABN001 Priority (Green) (-1.1390%), GK Guoneng 02 (-0.9872%), and 24 Fengdian G2 (-0.4418%). The main industries of the issuers were energy, real estate, and public utilities, and the regions were mainly Beijing, Guangdong, and Guizhou [3]. - **Premium Bonds**: The top four premium bonds were 25 Shuineng G1 (0.3293%), 21 Chongqing Rail Transit GN003 (Carbon - neutral Bond) (0.1777%), Kunpeng 19A2 (0.1201%), and 25 Deda G2 (0.1079%). The main industries of the issuers were finance, public utilities, and transportation, and the regions were mainly Beijing, Guangdong, Yunnan, and Jiangxi [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve significant revenue growth in H1 2025, with projected revenue of 4.96 billion yuan, representing a year-on-year increase of 43.9%. The growth is driven by a substantial increase in the shipment of high-end etching equipment for advanced storage and logic applications [7] - The company continues to increase its R&D investment, with R&D expenses in H1 2025 expected to reach 1.49 billion yuan, accounting for 30.1% of revenue, indicating a strong commitment to innovation and product development [7] - The company has a robust order backlog, with contract liabilities reaching 3.07 billion yuan, a year-on-year increase of 162.4%, and inventory of 7.45 billion yuan, up 33.4% year-on-year [7] - The company is expanding its product offerings in etching and deposition equipment, with successful validations and repeat orders from clients for new products [7] Financial Summary - Total revenue is projected to grow from 6.26 billion yuan in 2023 to 17.54 billion yuan by 2027, with a compound annual growth rate (CAGR) of 23.70% [1][8] - Net profit attributable to shareholders is expected to increase from 1.79 billion yuan in 2023 to 4.45 billion yuan in 2027, with a notable growth rate of 50.53% in 2025 [1][8] - The earnings per share (EPS) is forecasted to rise from 2.85 yuan in 2023 to 7.11 yuan in 2027, reflecting strong profitability growth [1][8] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 63.90 in 2023 to 25.62 in 2027, indicating improving valuation metrics as earnings grow [1][8]

Investment Rating - The report recommends investing in the leading domestic automotive lighting company, Xingyu Co., Ltd. [2] Core Insights - The current domestic automotive lighting industry is characterized by a "dual leader" competitive landscape, with market share expected to continue concentrating towards leading companies. The industry has high entry barriers due to customer resources, technological research and development, cost control, and quality certification. [3][10] - The report highlights the evolution of the domestic automotive lighting market over the past decade, noting the decline of Japanese companies, the stability of European firms, and the rise of domestic leaders. [3][10] - The report predicts that the market share will further concentrate among leading companies due to ongoing technological upgrades in the automotive lighting sector. [14] Summary by Sections Domestic Market Structure - The domestic automotive lighting market currently exhibits a "two super, many strong" competitive structure, with Xingyu and Huayu Vision leading in market share. [3][10] - The market concentration is high, with the CR3 at 45% and CR5 at 61% as of 2021, indicating that the majority of market share is held by top companies. [13] Competitive Landscape - Japanese companies, represented by Koito and Stanley, have shown a significant decline in the Chinese market over the past decade, with Koito's revenue in China dropping to 583 billion yen in 2024. [27][36] - European companies like Valeo and Hella have maintained stable growth in the domestic market, with Valeo's lighting division revenue increasing from 4.185 billion euros in 2015 to 5.554 billion euros in 2024. [68][74] - Domestic companies, particularly Xingyu, have shown strong growth, with projected revenues surpassing Huayu Vision in 2024. [3][10] Technological Upgrades - The automotive lighting sector is undergoing continuous upgrades in technology, including advancements in light source technology, smart features, and structural design. [14][15] - The report emphasizes that the trend towards smart lighting technologies will require significant research and development investments, which may disadvantage smaller companies. [14] Financial Projections - The report forecasts Xingyu's net profit for 2025-2027 to be 1.761 billion, 2.189 billion, and 2.683 billion yuan, respectively, with corresponding price-to-earnings ratios of 20x, 16x, and 13x. [3]