Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The in vivo CAR-T technology is emerging as a new hotspot in cell therapy, with significant investment opportunities in the domestic market. Major pharmaceutical companies are actively entering this field, with multiple high-value transactions occurring in 2025 [5][14] - Compared to traditional CAR-T, in vivo CAR-T offers advantages such as reduced manufacturing costs, shortened processing times, and improved accessibility for patients, making it applicable in various diseases including B-cell malignancies and autoimmune diseases [6][15] - The report highlights the performance of various sub-sectors within the pharmaceutical industry, noting that the hospital sector showed the highest increase, while the medical R&D outsourcing sector experienced the largest decline [7][24] Summary by Sections Section 1: In Vivo CAR-T Transactions - Numerous significant transactions in the in vivo CAR-T space have occurred in 2025, indicating strong interest and investment potential. Notable deals include AstraZeneca's acquisition of EsoBiotech for $1 billion and BMS's agreement to acquire Orbital Therapeutics for $1.5 billion [5][14] Section 2: Market Performance - In the second week of October 2025, the pharmaceutical sector declined by 1.20%, underperforming the CSI 300 index by 0.69 percentage points, ranking 25th among 31 sub-industries. The hospital sector saw the largest increase at 1.79% [7][18] - The report provides a detailed analysis of sub-sector performance, with the hospital sector leading gains and the medical R&D outsourcing sector facing the most significant losses [24][28] Section 3: Recommended Stocks - The report recommends several stocks for investment, including Shiyao Group, Sunshine Nuohuo, and Yuekang Pharmaceutical, among others [8][16]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a decline in liquor sales during the recent double festival period, while new consumer categories maintain growth [3][11] - The food and beverage index experienced a slight decline of 0.2%, ranking 15th among 28 sectors, outperforming the CSI 300 by approximately 0.4 percentage points [11][13] - The liquor market is estimated to have seen an overall sales decline of 20% during the double festival, aligning with previous market expectations [11][12] Summary by Sections Weekly Insights - The report notes that the liquor market is facing two types of differentiation: scene differentiation, where banquet scenarios are supported by demand for gatherings, and price differentiation, where high-end and cost-effective products perform well [11][12] - The beverage sector shows resilience due to its essential consumption nature, with functional drinks aligning with health trends and outdoor activities [12] Market Performance - The beverage sector outperformed the liquor sector, with soft drinks (+4.9%), dairy products (+1.8%), and health products (+1.3%) leading the performance [11][13] - Individual stocks such as Zhuangyuan Pasture, Yangyuan Beverage, and Guangming Meat Industry showed significant gains, while brands like Huanlejia and Gujing Gongjiu faced declines [11][13] Upstream Data - Some upstream raw material prices have decreased, with the price of whole milk powder showing a year-on-year increase of 6.1% [17][21] - The price of fresh milk has decreased by 3.2% year-on-year, indicating a downward trend in domestic milk prices [17][21] Liquor Industry News - The report mentions the global launch of a new 25-degree product by Shanxi Fenjiu, highlighting the brand's commitment to quality and innovation [42] - The report also notes a significant increase in sales for the "Maopu" brand, which saw a 115% year-on-year growth in September [42] Recommended Portfolio - The report recommends stocks such as Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Weilong Delicious, and Bairun Shares, emphasizing their growth potential and market positioning [4][46]

Group 1 - The New Third Board serves as an important foundation for small and medium-sized enterprises (SMEs) in China, currently facing challenges such as insufficient liquidity and financing capabilities [3][12][15] - As of September 22, 2025, there are 6,022 listed companies on the New Third Board, with 38.53% in the innovation layer [3][35] - The market has seen a decline in the number of listed companies from a peak of 11,645 in 2017 to 6,009 by August 2025, with a total market value of 22,763.9 billion [3][19][25] Group 2 - The overall quality of newly listed companies on the New Third Board has improved significantly, with the average revenue of newly listed companies reaching 902 million in 2025 [3][48] - In 2024, 44.07% of New Third Board companies had revenues below 100 million, indicating a concentration of smaller enterprises [54] - The New Third Board is a key gathering place for "specialized, refined, distinctive, and innovative" small giant enterprises, with 728 such companies as of September 22, 2025 [3][24] Group 3 - The New Third Board is undergoing reforms to enhance its ecosystem, including optimizing the market maker mechanism and deepening collaboration with the Beijing Stock Exchange [3][4] - The U.S. OTC market's recent structural reforms may provide insights for the New Third Board's development, focusing on transparency and resource allocation [4][28] Group 4 - The New Third Board's financing tools are relatively limited, with private placements being the primary method, averaging 61.91 million in 2024 [41][44] - The average revenue of newly listed companies has increased from 33.86 million in 2007 to 902 million in 2025, reflecting a trend towards higher quality listings [48][51] - In 2024, 34.71% of New Third Board companies reported losses, highlighting the financial challenges faced by many listed firms [58][59]

稀土管制再升级，产业链景气度有望持续提升 北交所研究团队 ——北交所化工新材专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 北交所策略专题报告 稀土管制再升级，从"物项管制"到"技术管制" 10 月 9 日，商务部发布 2025 年第 61、62 号公告，公布对境外相关稀土物项及 稀土相关技术实施出口管制的决定。根据 62 号公告内容，稀土开采、冶炼分离、 金属冶炼、磁材制造、稀土二次资源回收利用相关技术及其载体未经许可不得出 口；同时，强调其技术及其载体，包括技术相关资料等数据，例如设计图纸、工 艺规范、工艺参数、加工程序、仿真数据等。本次稀土出口管制由以往的"物项 管制"转向"技术管制"。第 61 号公告明确最终用途为研发、生产 14 纳米及以 下逻辑芯片或者 256 层及以上存储芯片，以及制造上述制程半导体的生产设备、 测试设备和材料，或者研发具有潜在军事用途的人工智能的出口申请，逐案审批。 对芯片用稀土的管控进一步收紧。目前，中国在全球稀土供应链中占据主导地位。 美国地质调查局 2025 年数据显示，全球稀土矿储量约 9000 万吨，中国以 4 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The non-bank financial sector has experienced an excess decline compared to the overall A-share index since late August, with valuations and institutional holdings at low levels. The brokerage sector shows good performance prospects, while the insurance sector has certain dividend attributes. The non-bank financial sector is seen as having both offensive and defensive characteristics, and there are strategic opportunities for investment in the brokerage sector, particularly in undervalued life insurance stocks and high dividend yield companies like Jiangsu Jinzu [5] Summary by Sections Brokerage Sector - The average daily trading volume of stock funds reached 3.19 trillion yuan, up 15.9% month-on-month. In September, 2.94 million new A-share accounts were opened, a year-on-year increase of 61% and a month-on-month increase of 11%. The total number of new accounts opened from January to September reached 20.15 million, up 50% year-on-year [6] - The adjustment of margin financing collateral ratios is a routine measure and primarily affects new financing scales without impacting existing stock. The brokerage sector's performance in Q3 is expected to show a year-on-year growth of 53.1% in net profit attributable to the parent company, with a quarter-on-quarter increase of 1% [6] - The report recommends three main lines of brokerage stocks: Guosen Securities, which benefits from retail advantages and the Hainan cross-border asset management pilot; Huatai Securities and CICC, which excel in overseas and institutional business; and GF Securities and Dongfang Securities H, which have significant wealth management advantages [6] Insurance Sector - The implementation of the "reporting and operation integration" policy for non-auto insurance business is expected to lead to a decline in the comprehensive cost ratio (COR) for property insurance companies. The regulatory measures are anticipated to guide the industry towards more standardized development and lower insurance rates [7] - Long-term interest rates remain stable, alleviating net asset pressures, while the expected return on equity assets is boosted, leading to a potential improvement in the interest margin for insurance companies in the medium to long term. The report recommends undervalued stocks such as China Pacific Insurance and Ping An Insurance [7] Recommended and Beneficiary Stocks - Recommended stocks include Huatai Securities, GF Securities, Guosen Securities, Dongfang Securities H, CICC H, Dongfang Caifu, Guotai Junan; China Pacific Insurance, Ping An Insurance; Jiangsu Jinzu, Hong Kong Stock Exchange [8]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The agriculture sector shows defensive value amid renewed US-China tariff disturbances, with the sector currently at a relatively low level, suggesting improved investment logic and a recommendation for increased allocation [5][14] - The pig farming sector is experiencing losses, with both pigs and piglets facing declining prices, leading to accelerated liquidation. The average price of pigs is reported at 11.24 yuan/kg, marking a year-low [15][34] - The beef and poultry sectors benefit from improved domestic demand and tariff disturbances, with beef prices at 66.04 yuan/kg, showing a month-on-month increase of 0.41% and a year-on-year increase of 8.32% [22][19] - The seed and planting sector is positively impacted by the escalation of US-China agricultural product tariffs and domestic food security needs, with corn prices rising to 2304 yuan/ton, an increase of 8.54% since the beginning of the year [29][31] Summary by Sections Weekly Observation - The agriculture sector's defensive value is highlighted due to renewed US-China tariff disturbances, with the sector benefiting from tariff countermeasures and food security logic [5][14] Weekly Insights - The pig farming sector is facing significant losses, with prices continuing to decline, suggesting a potential golden opportunity for investment as liquidation accelerates [34][15] - Recommendations include companies such as Muyuan Foods, Wens Foodstuff Group, and others in the pig farming sector [34] Market Performance (10.6-10.10) - The agriculture index outperformed the market by 0.67 percentage points, with notable gains in stocks like Aonong Biological and Xuelong Biological [38][45] Price Tracking (10.6-10.10) - The average price of pigs was reported at 11.18 yuan/kg, down 1.08 yuan from the previous week, while the price of piglets was 18.72 yuan/kg, down 1.65 yuan [48][50] - The average price of yellow feathered chickens reached 13.80 yuan/kg, marking a new high for 2025 [22][49] Key News (10.6-10.10) - The Ministry of Agriculture and Rural Affairs issued a notice on promoting agricultural product consumption, aiming to enhance supply and market channels [46]

电力设备 2025 年 10 月 12 日 低空经济行业周报（第三十七期）：零重力飞机完成 近 3 亿元 A+++轮融资，四川九洲拟参设 5001 万元 低空经济股权投资基金 ——行业周报 电力设备 行业走势图 数据来源：聚源 -17% 0% 17% 34% 50% 67% 2024-10 2025-02 2025-06 电力设备 沪深300 相关研究报告 《低空经济行业周报（第三十六期）： 中国移动主导首个低空经济共享设备 标准立项，多地低空经济支持政策持 续出台—行业周报》-2025.10.7 《固态电池行业周报（第十七期）： 中伟股份与厦钨新能战略合作，卫蓝 新能源获 D+轮融资引入绿色能源等 战投—行业周报》-2025.10.7 《固态电池行业周报（第十六期）： 中汽新能全固态电池计划 2026年装车 一汽示范车型，当升科技固态锂电正 极材料已实现 10吨级批量出货—行业 周报》-2025.9.28 殷晟路（分析师） yinshenglu@kysec.cn 证书编号：S0790522080001 零重力飞机完成近 3 亿元 A+++轮融资，四川九洲拟参设 5001 万元低空经济 股权投资基金 （1）行 ...

Investment Rating - Investment rating for the electronics industry is "Overweight" (maintained) [1] Core Insights - The electronics industry index experienced a weekly decline of 2.5%, with optical and optoelectronics showing a slight increase of 0.9%, while consumer electronics and semiconductors fell by 3.6% and 3.1% respectively [3] - The ongoing U.S.-China trade tensions have intensified, leading to a drop in major U.S. stock indices, including a 3.6% decline in the Nasdaq [3] - New product launches in AI terminals, such as Meta's AR glasses and Tesla's FSD v14, indicate a growing market for AI applications [4] - The demand for storage solutions is expected to enter a "super cycle," with significant partnerships being formed between major companies like Samsung and OpenAI [5] - TSMC reported a substantial year-on-year revenue increase of 31.4% in September, highlighting the strong demand in the semiconductor sector [5] Market Review - The electronics industry index saw a decline of 2.5% during the week of October 6-10, 2025, with notable movements in various sectors [3] - Major companies like Nvidia and AMD are experiencing renewed demand due to advancements in AI models, which are increasing computational power requirements [4] - The semiconductor supply chain is facing increased scrutiny due to U.S. export controls, which may impact companies like Qualcomm and others involved in the semiconductor industry [6]

Investment Rating - The investment rating for the computer industry is "Positive" (maintained) [1] Core Insights - The report emphasizes the importance of investing in the domestic innovation sector due to increasing external pressures, including the U.S. imposing software export controls and tariffs on China [6][14] - Continuous policy support and funding are expected to accelerate the development of the industry, with significant government initiatives aimed at enhancing domestic production and technology independence [7][15] - Huawei's announcement of its chip development roadmap and the launch of the domestic operating system "Galaxy Kirin V11" indicate ongoing improvements in the domestic innovation ecosystem [8][16] Summary by Sections Market Review - During the week of October 9-10, 2025, the CSI 300 index fell by 0.51%, while the computer index decreased by 1.83% [5][13] Weekly Perspective - The report highlights the need to focus on investment opportunities in the domestic innovation sector, particularly in light of the U.S. export controls on critical software [6][14] Policy Catalysts - The Ministry of Industry and Information Technology and the State Administration for Market Regulation have issued plans to support the electronic information manufacturing industry, emphasizing the promotion of domestic products and technology [7][15] Company Dynamics - The report mentions that Sucen Technology has announced the acquisition of a 55% stake in Kunyu Lancheng Technology, indicating strategic expansion efforts [18] Investment Recommendations - Recommended domestic software companies include Kingsoft Office, Dameng Data, and others, while key domestic computing power companies include Haiguang Information and Inspur Information [9][17]

Group 1 - The report emphasizes the normalization of the Beijing Stock Exchange (BSE) issuance, focusing on seven key indicators and a five-dimensional quantitative model to identify high-quality stocks for investment opportunities [3][11][19] - The seven indicators include net assets, market capitalization, net profit attributable to the parent company, return on equity (ROE), revenue growth rate, R&D investment, and revenue proportion, which cover aspects of scale, profitability, growth, and innovation [3][12][20] - The five-dimensional model assesses industry prosperity, company competitiveness, financial health, market scarcity, and risk controllability to filter for "high growth, high barrier, and high scarcity" companies on the BSE [19][20] Group 2 - As of October 10, 2025, a total of 39 new stocks have been successfully listed on the BSE since 2024, with an average net asset of 619 million yuan and an average first-day market capitalization of 3.573 billion yuan [11][12] - The average revenue for these companies in 2024 was 743 million yuan, with an average net profit of 92 million yuan and an average ROE of 17.89% [12][13] - The report identifies seven high-quality companies currently in the second round of inquiries and not yet approved for listing, including JieLi Technology, JinTai Co., MiRui Technology, DingLi Technology, YuanLi Digital, ShangHang Technology, and HaiFeiMan [3][21][24] Group 3 - The BSE 50 Index closed at 1,506.91 points with a TTM PE of 70.79X, while the specialized and innovative index reported 2,596.13 points with a TTM PE of 80.25X [4][31][36] - The average daily trading volume for BSE A-shares reached 19.338 billion yuan, reflecting a 16.39% increase from the previous week, with a daily turnover rate of 4.21% [4][28][30] - The report highlights the performance of various sectors, indicating that high-end equipment, information technology, new chemical materials, consumer services, and pharmaceutical biology sectors have varying TTM PEs, suggesting a focus on technology growth and undervalued stocks [4][26][31]