Group 1 - The report highlights the release of significant technologies and products at the 2025 Yunqi Conference, emphasizing the focus on high-quality and scarce targets in the AI industry chain on the Beijing Stock Exchange [2][11] - As of September 26, 2025, there are 25 listed companies in the AI-related industry chain on the Beijing Stock Exchange, with a total market capitalization of 97.089 billion yuan, covering areas such as chips, computing center infrastructure, and computing services [17][18] - Parallel Technology (839493.BJ) is identified as a leading provider of supercomputing cloud services and computing operation services, achieving a revenue of 458 million yuan in the first half of 2025, a year-on-year increase of 69.27% [19][24] Group 2 - The report indicates that five major industries on the Beijing Stock Exchange experienced an average decline in stock prices, with the high-end equipment industry down by 6.35% and the information technology industry down by 6.17% [3][25] - The average price-to-earnings (P/E) ratio for the high-end equipment industry fell to 40.7X, while the information technology industry saw its P/E ratio drop to 93.5X [25][28] - The technology new industry, comprising 156 companies, saw a median P/E ratio decrease from 51.7X to 48.9X, with a total market capitalization decline from 524.131 billion yuan to 494.938 billion yuan [39][40] Group 3 - The report notes that HaiDar (836699.BJ), a precision rail manufacturer, achieved a revenue of 182 million yuan in the first half of 2025, with a net profit of 33.0587 million yuan, reflecting a year-on-year growth of 3.79% [21][22] - The report emphasizes the importance of the AI computing server market, with Parallel Technology planning to procure AI computing servers and related equipment, indicating ongoing investment in infrastructure [59]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [1] Core Insights - The report highlights the ongoing adjustments to the National Essential Medicines List (NEML), with a focus on the potential inclusion of various traditional Chinese medicine products, which could significantly enhance growth opportunities for related companies [7][15][27] - The report emphasizes the historical context of the NEML, noting that it has undergone several revisions since its inception in 1982, with the latest version released in 2018 [5][16] - The report suggests that the demand for adjustments to the NEML is increasing, particularly for chronic disease medications and innovative domestic drugs, indicating a potential shift in the market landscape [27] Summary by Sections 1. NEML Adjustment Progress - The NEML is set to be adjusted approximately every three years, but the last update was in 2018, leading to calls for a new revision to include more chronic disease medications and innovative products [27] - The report recommends monitoring companies that may benefit from being included in the updated NEML, particularly in the traditional Chinese medicine sector [28] 2. Historical Context of NEML - The NEML was first published in 1982, with significant revisions occurring in 2009, 2012, and 2018, reflecting the government's commitment to improving public health through essential medicines [5][16] - The 2018 version of the NEML included 685 items, with a notable increase in the number of traditional Chinese medicines, indicating a growing recognition of their importance [20][21] 3. Future Outlook - The report anticipates that the upcoming adjustments to the NEML will likely favor traditional Chinese medicine products, which could lead to increased sales and market penetration for companies in this sector [26][27] - Companies like Fangsheng Pharmaceutical are highlighted for their innovative approaches and potential for rapid growth in the traditional Chinese medicine market [30][31] 4. Market Performance - In the fourth week of September 2025, the pharmaceutical and biotechnology sector experienced a decline of 2.20%, underperforming compared to the CSI 300 index [32] - The report notes that while the overall sector faced challenges, certain sub-sectors, such as other biological products, showed resilience with positive growth [38][39]

投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 38% 2024-09 2025-01 2025-05 银行 沪深300 行 业 研 究 2025 年 09 月 28 日 相关研究报告 《银行投资基金：现状洞察、费改破 局 与 逻 辑 重 塑 — 行 业 深 度 报 告 》 -2025.9.25 《存款"财富化"加速，债券利率或 进入合意配置区间—8 月央行信贷收 支表要点解读》-2025.9.18 《资产反内卷与存款财富化中的银行 竞争版图—行业投资策略》-2025.9.17 从支持补充到增强银行资本实力 ——央行 2025Q3 货币政策例会学习 liuchengxiang@kysec.cn 证书编号：S0790523060002 刘呈祥（分析师） 朱晓云（分析师） zhuxiaoyun@kysec.cn 证书编号：S0790524070010 事件：中国人民银行货币政策委员会 2025 年第三季度例会于 9 月 23 日召开 经济形势判断：在外部环境严峻（增长动能减弱、贸易壁垒增多），以及国内需 求不足、物价低位运行等挑战下，仍呈现"稳中有进，高质量发展取得新成 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the liquor market is showing signs of bottoming out, with a focus on three companies in the consumer goods sector. The food and beverage index declined by 2.5%, ranking 23rd among 28 sub-industries, underperforming the CSI 300 by approximately 3.6 percentage points. The soft drink sector (+0.9%), other food products (+0.0%), and meat products (-0.0%) performed relatively well [3][10][12]. Summary by Sections Weekly Insights - The liquor market is showing bottoming characteristics, with the consumer goods sector focusing on three companies. The liquor market's sales have improved slightly in Q3, but year-on-year declines persist due to the ongoing impact of alcohol bans on business consumption and overall consumer pressure [10][11]. Market Performance - The food and beverage index experienced a decline of 2.5%, ranking 23rd out of 28 sectors, and underperformed the CSI 300 by about 3.6 percentage points. The soft drink sector, other food products, and meat products showed relatively better performance [12][13]. Upstream Data - Some upstream raw material prices have decreased. For instance, the price of whole milk powder in GDT auctions was $3,790 per ton, down 0.5% month-on-month but up 9.9% year-on-year. The domestic fresh milk price was 3.0 yuan per kilogram, stable month-on-month but down 3.5% year-on-year [16][17]. Liquor Industry News - Moutai's terminal sales in September showed a year-on-year increase of over 20%. The company is deepening its reform process and emphasizing sustainable development, with an increased dividend rate [40][44]. Recommended Companies - The report recommends focusing on the following companies: 1. Ximai Food: Stable growth in the oat business, with a downward trend in raw material costs expected to continue until 2027 [11]. 2. Weilong Delicious: New product launches are expected to stabilize the noodle product line, with significant growth in the konjac category [11]. 3. Bairun Co.: The cocktail business is expected to see slight growth, with a focus on new products and whiskey brand development [11][44].

Group 1 - The report maintains an optimistic long-term outlook for the index, emphasizing a "technology first" strategy supported by dual drivers: technology leadership and PPI trading [2][11][40] - Current market characteristics highlight a strong focus on technology, with funds diversifying from a few high-performing sectors to a broader range of sub-themes within technology, enhancing the belief in "technology first" [2][11][40] - For investors seeking lower-priced alternatives to previously high-performing sectors like optical modules and innovative drugs, the report suggests focusing on gaming, media, internet, Huawei's supply chain, and battery sectors [2][11][40] Group 2 - The report identifies a calendar effect where the market typically experiences "pre-holiday sluggishness and post-holiday enthusiasm," with specific sectors like pharmaceuticals, automobiles, and agriculture expected to outperform in October [3][17][25] - Historical data indicates that the probability of market leadership switching or crossing over around the holiday is similar, with technology sectors more likely to maintain their leadership [4][35][36] - The report outlines a "4+1" industry allocation strategy, recommending technology growth, self-sufficiency, military industry, cyclical sectors benefiting from PPI improvements, and stable dividend stocks [5][44][45] Group 3 - The report emphasizes that the current technology leadership is supported by three long-term factors: relative profitability of technology sectors, overseas market influences, and a global semiconductor cycle that is trending upward [4][40] - The report highlights that the market's main themes have shifted over the years, with technology sectors like fintech and TMT being more resilient during holiday periods [35][36][39] - Specific sectors such as AI hardware, semiconductors, and robotics are recommended for investment, alongside cyclical sectors like metals and chemicals that may benefit from PPI improvements [5][44][45]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The logic of breeding sow reduction is strengthening, and beef and milk are expected to achieve upward linkage in 2026. As of September 26, 2025, the average price of live pigs in China is 12.50 yuan/kg, with a week-on-week decrease of 0.20 yuan/kg and a year-on-year decrease of 5.51% [11][16] - The investment logic for live pigs is marginally improving, driven by both fundamental and policy factors. The price of live pigs is expected to rise in the second half of 2025 due to strong support from previous breeding sow reductions and winter piglet losses [29][32] Summary by Sections Weekly Observation - The logic of breeding sow reduction is strengthening, and beef and milk are expected to achieve upward linkage in 2026. The average price of live pigs is 12.50 yuan/kg, with a week-on-week decrease of 0.20 yuan/kg and a year-on-year decrease of 5.51% [11][16] - The average price of beef is 66.27 yuan/kg, with a month-on-month increase of 2.10% and a year-on-year increase of 7.74% [23] Weekly Market Performance (September 22-26) - The agricultural index underperformed the market by 2.18 percentage points, with the Shanghai Composite Index rising by 0.21% and the agricultural index falling by 1.97% [34][36] - Leading stocks include ST Jinggu (+15.68%), Huaying Agriculture (+5.76%), and Biological Shares (+3.78%) [34][40] Price Tracking (September 22-26) - The average price of live pigs is 12.45 yuan/kg, down 1.81% from the previous week. The average price of piglets is 21.29 yuan/kg, down 4.87% [46] - The average price of beef is 65.90 yuan/kg, with a week-on-week increase of 0.30 yuan/kg [54] Recommendations - Recommended stocks in the pig sector include Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [20][29] - In the feed sector, recommended stocks include Haida Group and New Hope [29] - In the pet food sector, recommended stocks include Guibao Pet, Zhongchong Shares, and Petty Shares [32]

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The solid-state battery sector is gradually transitioning from laboratory to mass production validation, with small-scale vehicle trials expected by the end of 2025 and widespread trials anticipated in 2026-2027 [25] - The global solid-state battery shipment volume is projected to reach 10 GWh in 2025 and 614.1 GWh by 2030, although challenges such as high costs and incomplete supply chains remain [24][28] - Recent advancements include the development of a new high-energy-density polymer electrolyte by Tsinghua University, which enhances solid-state interface contact and ion conduction capabilities [27] Summary by Sections Industry Trends - The solid-state battery index increased by 1.3% from September 22 to September 26, 2025, with a cumulative increase of 50.4% since December 31, 2024 [11] - The average performance of solid-state battery-related stocks was -0.4% during the same period, with notable gains in battery and aluminum-plastic film sectors [4][11] Company Developments - Contemporary Amperex Technology Co., Ltd. (CATL) is recommended as a key beneficiary in the solid-state battery sector [25] - Dongfeng Motor's solid-state battery plans include a demonstration vehicle set for 2026, with significant progress reported by companies like Dangsheng Technology, which has achieved 10-ton batch shipments of solid-state lithium battery cathode materials [23][29] Market Performance - The top-performing stocks in the solid-state battery sector included Penghui Energy (+18.6%), Xianlead Intelligent (+17.8%), and Dangsheng Technology (+11.2%) [17][26] - Conversely, stocks such as Zhongyi Technology (-10.2%) and Tiantian Technology (-9.7%) experienced significant declines [17][26]

Investment Rating - The industry investment rating is "Positive" [5] Core Insights - The low-altitude economy is experiencing significant growth, with strategic partnerships and projects being established, such as the collaboration between Zero Gravity Aircraft Industry and Dongtou Group to procure 50 eVTOLs [18][29] - The Guangdong low-altitude economy conference resulted in 23 projects being launched, indicating strong regional interest and investment in the sector [26] - The establishment of the Shanxi Low Altitude Economy Association and its five-year action plan aims to boost the local low-altitude economy to over 150 billion yuan by 2030, creating more than 30,000 jobs [27] Summary by Sections 1. Weekly Review - The average change in the low-altitude economy sector was -0.2%, with Penghui Energy leading the gains at +18.6% [10][22] - The top five gainers included Penghui Energy (+18.6%), Xinwangda (+16.0%), and Kaizhong Co. (+15.4%) [12][21] 2. Industry Dynamics - The low-altitude industry chain is robust, with 881 registered companies and over 4.06 million low-altitude equipment products [24] - The low-altitude economy is entering a phase of large-scale commercial application, expanding into various sectors such as logistics and emergency rescue [25] 3. Individual Company Developments - Zero Gravity Aircraft Industry has signed a framework agreement with Dongtou Group for the procurement of 50 eVTOLs, enhancing the low-altitude tourism industry in Yulin [29] - ZTE Corporation proposed a low-altitude integrated perception technology solution, incorporating AI to improve safety and efficiency in low-altitude operations [28]

Investment Rating - The industry investment rating is maintained as "Positive" [7] Core Insights - The launch of the Shangjie H5 model has seen significant pre-order success, with over 10,000 orders within the first hour and a total of 160,000 pre-orders, indicating strong market demand [3][12] - The U.S. has implemented a 15% tariff on EU automobiles, which may impact pricing and competitiveness in the market [13] - Chery Automobile has successfully listed on the Hong Kong Stock Exchange, raising approximately 9.14 billion HKD (around 8.38 billion RMB), marking it as the largest IPO in the Hong Kong market for the year [13] - Leap Motor has achieved a milestone of producing its 1 millionth vehicle in just 343 days, with revised sales targets for 2025 set between 580,000 to 650,000 units [14] - GAC Group is accelerating its European expansion, entering markets in Switzerland, Austria, Hungary, Slovenia, and Croatia [16] - The new brand "Qijing" by GAC and Huawei targets young consumers, focusing on smart driving and high-quality electric vehicles [15] Market Performance - The Shanghai and Shenzhen 300 Index increased by 1.07%, while the automotive sector saw a modest gain of 0.11%, ranking 6th among A-share industries [4][23] - The passenger vehicle index decreased by 1.18%, with companies like Seres and Changan leading the gains [4][26] - The commercial vehicle index fell by 2.15%, with Shuguang and Hanma Technology showing strong performance [4][30] - The automotive parts index rose by 1.10%, with New Coordinates and Kebo Da leading the sector [4][30] Investment Recommendations - For passenger vehicles, the demand for domestic high-end luxury cars is exceeding expectations, with recommendations for Jianghuai Automobile and Seres, while Geely is identified as a beneficiary [4] - In the automotive parts sector, profitability is expected to improve, with recommendations for Desay SV and Zhejiang Xiantong, and beneficiaries including Kebo Da, Huayu Automotive, and Fuyao Glass [4]

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Viewpoints - The report emphasizes the continuous increase in AI capital expenditure by major players like Alibaba, with an additional investment plan of 380 billion in AI over the next three years, leading to a projected 10-fold increase in IDC energy consumption by 2032 compared to 2022 [4][12] - The report highlights the launch of seven new large models by Alibaba, including the flagship model Qwen3-Max, which ranks among the top three globally in performance [6][18] - The report suggests a sustained positive outlook for domestic AI large models and applications, indicating that the domestic computing power industry chain may continue to benefit [13] Summary by Sections 1. Investment Insights - Alibaba plans to increase AI investments significantly, with new hardware and software products introduced at the Yunqi Conference [12] - The company aims for ASI (Artificial Super Intelligence) and has outlined two major AI strategies: an open-source approach and the development of a super AI cloud [15][16] - The report recommends focusing on the AIDC computing power industry chain as a core investment direction, alongside AI applications and related sectors [22] 2. Communication Data Tracking - As of August 2025, China has 4.646 million 5G base stations, with a net increase of 395,000 stations since the end of 2024 [32] - The number of 5G mobile phone users reached 1.154 billion, showing a year-on-year growth of 19.46% [32] - The report notes a decline in 5G mobile phone shipments in June 2025, with 18.436 million units shipped, a year-on-year decrease of 16.7% [32] 3. Operator Performance - The report details the revenue growth of major telecom operators in cloud services, with China Mobile's cloud revenue reaching 56.1 billion, a year-on-year increase of 11.3% [47] - China Telecom's Tianyi Cloud revenue was 57.3 billion, up 3.8% year-on-year, while China Unicom's cloud revenue reached 37.6 billion, growing by 4.6% [47] - The ARPU values for the three major operators remained stable, with slight decreases noted for China Unicom [51][52][53]