Group 1: Pharmaceutical Industry - The active pharmaceutical ingredient (API) industry has experienced a downturn over the past four years, with prices of various products, including sartans, heparins, and animal health products, reaching historical lows, leading to some leading companies operating at a loss [7][8][10] - In the first half of 2025, the API sector saw a decline in both revenue and net profit due to significant price drops in anti-infective products and increased R&D investments by some companies [7][10] - Domestic API companies are actively transitioning to innovative drug development, with several products in various clinical trial stages, indicating a shift towards higher-value offerings [7][10] Group 2: Real Estate Industry - The stabilization of housing prices is influenced by multiple factors, including monetary policy, supply-demand relationships, and economic expectations, rather than solely by population changes [3][12][15] - Analysis of housing price data from 70 cities shows that both new and second-hand housing prices have been in a downward trend since 2022, with a recent narrowing of year-on-year declines due to supportive policies [12][13] - Recommendations for investment focus on strong credit real estate companies with good fundamentals and leading product capabilities, as well as those benefiting from dual-driven residential and commercial real estate strategies [15] Group 3: IT Services Industry - The company is a leading player in the domestic IT services sector and a key partner of Huawei, with over 40% of its revenue derived from this partnership [4][17][20] - The company's cloud intelligence business is experiencing significant growth, and it is expected to benefit from the development of the HarmonyOS ecosystem and AI technologies [4][17][20] - Profit forecasts for 2025-2027 have been adjusted, with expected net profits of 564 million, 628 million, and 708 million yuan respectively, reflecting a strategic focus on AI and cloud services [4][17][20] Group 4: Alibaba Group - Alibaba is actively advancing its AI infrastructure and plans to increase investments, which is expected to accelerate growth in its cloud business [5][21][22] - The demand for AI infrastructure is exceeding expectations, with plans to invest 380 billion yuan in building AI infrastructure, significantly increasing the energy consumption scale of its global data centers by 10 times by 2032 [5][21][22] - The company aims to enhance its market position through comprehensive AI-driven strategies, including improvements in its e-commerce platform and cloud services [21][22][23]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [1] Core Insights - The industry is entering a new development phase driven by optimized procurement and innovation [3] - The raw material pharmaceutical sector is at a cyclical bottom, with companies actively transitioning to innovative drug development [5][8] - The vaccine sector is experiencing a decline in performance but is accelerating the layout of new technologies and products [6] - The medical services sector is leveraging AI technology to enhance efficiency and quality [7] Summary by Sections Raw Material Pharmaceutical Sector - The raw material pharmaceutical industry has faced a downturn for nearly four years, with prices of various products, such as sartans and heparins, reaching historical lows [5] - Revenue and net profit in the raw material pharmaceutical sector showed a downward trend in the first half of 2025 due to significant price drops in anti-infective products and increased R&D investments [5] - Companies like Huahai Pharmaceutical and Borui Pharmaceutical are focusing on innovative drug development, with several products in various clinical trial phases [5][68] Vaccine and Blood Products Sector - The vaccine industry is facing continuous performance decline due to a decrease in newborn numbers and changing competitive dynamics, although some companies are introducing new technologies and products [6] - The blood products sector is also experiencing a downturn, with revenue and net profit declining due to high inventory levels and suppressed demand from medical insurance [6][75] - The industry is expected to see increased consolidation as leading companies accelerate mergers and acquisitions [6][8] Medical Services Sector - The medical services sector's performance has declined due to DRGs and the consumption environment, but the application of AI technology is expected to enhance service quality and efficiency [7] - The core competitiveness of the medical services industry lies in acquiring and training quality doctors and hospital management [7] Investment Recommendations - The report suggests that companies in the raw material pharmaceutical sector are likely to enter a harvest period as they transition to innovative drugs [8] - The blood products sector is anticipated to accelerate consolidation, with significant mergers expected in the near future [8] - Recommended stocks include Federal Pharmaceutical, Pro Pharmaceutical, Guobang Pharmaceutical, and others, while benefiting stocks include Tianyu Co., Meinuo Pharma, and others [8]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is a leading player in the domestic IT services sector and a deep partner of Huawei, with over 40% of its revenue coming from Huawei [4][6] - The cloud intelligence business is experiencing significant growth, and the initial completion of the HarmonyOS ecosystem is expected to benefit the company as its collaboration with Huawei Cloud deepens [4][5] - The report has adjusted the profit forecast for 2025 and introduced forecasts for 2026-2027, estimating net profits of 564 million, 628 million, and 708 million yuan for 2025-2027, respectively [4][7] Summary by Sections Company Overview - Established in 2000, the company has been a strategic partner of Huawei since 2009 and has evolved into a leading comprehensive software and IT service provider in China [15][16] Financial Performance - The company reported a revenue of 17.17 billion yuan in 2024, with a slight decline of 0.3% year-on-year, while net profit was 513 million yuan, down 28.1% [7][20] - The gross margin has been under pressure, dropping from 29.20% in 2020 to 22.07% in 2024, but there are efforts to improve margins through high-value projects and AI product deployment [22][27] Business Segments - The core ICT services business has seen a decline in revenue from 133.87 billion yuan in 2022 to 96.36 billion yuan in 2024, while the cloud intelligence business has grown from 2 billion yuan in 2019 to 73.15 billion yuan in 2024 [27][28] - The company aims to transition from a traditional outsourcing model to an AI technology service provider, leveraging its partnership with Huawei [31][54] Strategic Partnerships - The company is a key partner in Huawei's cloud strategy, benefiting from the growth of the HarmonyOS ecosystem and the increasing demand for AI-driven solutions [6][60] - The collaboration with Huawei has allowed the company to expand its customer base and enhance its service offerings, particularly in sectors like energy, finance, and government [41][42] Market Outlook - The IT services market in China is projected to grow steadily, with a total market size expected to reach 525.6 billion USD in 2024, driven by digital transformation across various sectors [32][36] - The cloud computing market in China is anticipated to exceed 2 trillion yuan by 2027, with significant contributions from AI and big data applications [61][69]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Insights - The report indicates that new housing transaction areas have shown a month-on-month increase, while real estate development investment has decreased year-on-year from January to August 2025 [3] - The report highlights that the decline in housing prices has been consistent since 2022, with a significant drop in both new and second-hand housing prices across 70 cities, although the rate of decline has started to narrow due to supportive policies [5][16] - It emphasizes that the relationship between population growth and housing prices is not straightforward, as effective housing demand driven by economic development and income growth is crucial for influencing prices [5][25] Summary by Sections Industry Overview - The real estate market has entered a downward trend since 2022, with new and second-hand housing prices experiencing a decline for over 40 months [5][16] - As of August 2025, the new housing price index across 70 cities has decreased by 3.0% year-on-year, while the second-hand housing price index has dropped by 5.5% [16][20] Population Impact - The report concludes that population factors are long-term variables with limited mid-term impact on housing prices, as the marginal changes in housing prices are influenced more by monetary policy, supply-demand relationships, and economic expectations [25][39] - A regression analysis across several developed countries shows that housing price indices do not have a significant correlation with population growth rates [40][42] International Experience - The report draws parallels with international experiences, noting that stable fiscal and monetary policies are essential for stabilizing housing prices after declines [6][46] - It cites examples from the U.S., Japan, and South Korea, where coordinated fiscal and monetary policies have successfully supported housing market recovery after significant downturns [46][49] Investment Recommendations - The report recommends focusing on real estate companies with strong credit ratings and solid fundamentals in urban areas, such as China Overseas Development and Poly Developments [7] - It also suggests that companies excelling in both residential and commercial real estate, as well as those providing high-quality property management services, are well-positioned for growth [7]

Investment Rating - The investment rating for Alibaba-SW (09988.HK) is maintained as "Buy" [6][12]. Core Views - Alibaba is actively advancing its AI infrastructure and plans to increase investments, which is expected to drive accelerated growth in its cloud business. The company is also increasing short-term investments in flash sales, with significant user traffic growth and contributions from e-commerce technology service fees. The adjusted net profit forecasts for FY2026-2028 are 140.5 billion, 162.9 billion, and 189.8 billion RMB, corresponding to year-on-year growth rates of -11.2%, +16.0%, and +16.5% respectively. The diluted EPS is projected to be 7.6, 9.1, and 10.9 RMB, with current stock prices corresponding to PE ratios of 19.1, 16.1, and 13.4 times [6][8]. Summary by Sections Company Overview - Alibaba is focusing on building AI infrastructure, with a planned investment of 380 billion RMB. The demand for AI infrastructure is exceeding expectations, and the company aims to enhance its global data center's energy consumption scale by ten times by 2032 [7]. Financial Performance - The financial summary indicates that for FY2024A, the operating revenue was 941.168 billion RMB, with a year-on-year growth of 8.3%. The non-GAAP net profit for FY2024A was 157.479 billion RMB, reflecting a year-on-year increase of 11.4%. The gross margin is projected to improve from 37.7% in FY2024A to 42.0% in FY2028E [8]. Future Outlook - The company is expected to see continued acceleration in cloud business growth due to increased investments in AI and cloud computing infrastructure. The short-term focus on flash sales is anticipated to drive growth in main site traffic, leveraging advantages from high-end users, merchants, and fulfillment systems [8].

Group 1: Market Overview - Institutional research focus is concentrated on robotics, AI, and semiconductors, indicating a shift in investor interest towards these sectors [4][5][6] - The total number of institutional research engagements has increased, particularly in the machinery, pharmaceutical, and basic chemical sectors [6][7] Group 2: Company Insights - Tianjin Tianshili (600535.SH) has received approval for a new indication for its drug, Puyouke, enhancing its market potential in the treatment of acute ischemic stroke [25][26][27] - New Henghui is a leading player in the integrated circuit packaging industry, with a focus on eSIM applications, which are expected to drive future growth [11] - Yitang Co., Ltd. is recognized as a global leader in wafer processing equipment, continuously expanding its technological capabilities [12] - Suzhou Tianmai is a leading enterprise in the thermal management industry, with innovative products that meet the needs of major electronics brands [13] Group 3: Industry Trends - The European electric vehicle market is experiencing significant growth, with sales reaching 176,000 units in August 2025, a year-on-year increase of 41.2% [20][21] - The demand for liquid cooling solutions is expected to rise due to advancements in AI and GPU technologies, particularly with NVIDIA's new GPU, RubinCPX [17][18]

Investment Rating - The report assigns a price-to-earnings (P/E) ratio of 11.74 times for the upcoming issuance of shares [1]. Core Viewpoints - Changjiang Energy Technology (920158.BJ) is recognized as a leading player in the electric dehydration equipment market, holding the largest market share domestically. The company focuses on the design, research and development, manufacturing, and service of specialized equipment for the energy and chemical industries [1][12]. - The company has shown a compound annual growth rate (CAGR) of 20% in revenue over the past two years, with a CAGR of 10% in net profit attributable to the parent company [3]. - The demand for electric dehydration equipment is rapidly increasing due to the implementation of integrated refining policies and equipment replacement policies, which are expected to shorten the replacement cycle of such equipment [2][38]. Summary by Sections Company Overview - Changjiang Energy Technology is a national-level specialized and innovative "little giant" enterprise, primarily engaged in electric dehydration equipment, separation equipment, heat exchange equipment, storage equipment, carbon capture equipment, and hydrogen energy equipment [1][12]. - The company has achieved significant recognition in the industry, with a strong reputation and stable high-quality customer resources, including major clients like Sinopec and CNOOC [20]. Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be 2.19 billion, 3.48 billion, and 3.14 billion RMB respectively, with net profits of 40.68 million, 40.85 million, and 49.16 million RMB [1][12]. - In the first half of 2025, the company reported a revenue of 1.3 billion RMB, a year-on-year decrease of 6.23%, while net profit increased by 4.02% to 18.24 million RMB [1]. Market Demand - The market for petroleum refining and petrochemical equipment in China has grown from 484.9 billion RMB in 2018 to 715.1 billion RMB in 2023, with a compound annual growth rate of approximately 8.08% [2]. - The electric dehydration equipment market is expected to reach a domestic scale of 10 billion RMB over the next five years, with a global market size projected to be around 3.5 billion RMB [38]. Competitive Position - The company holds a leading position in the electric dehydration equipment market, with a market share ranking first in China from 2021 to 2023 [16][18]. - Key competitors include international firms such as Schlumberger Limited and Forum Energy Technologies, as well as domestic companies like Luoyang Zhengyuan Petrochemical Co., Ltd. and Jiangsu Jinmen Energy Equipment Co., Ltd. [24][25]. Research and Development - The company has obtained 17 invention patents and 44 utility model patents, with several technological achievements recognized as internationally advanced or leading [1][13]. - The company emphasizes technological innovation and has established several research and development platforms, including a key enterprise research institution in Jiangsu Province [13].

2025 年 09 月 23 日 策略研究团队 机构调研的关注度集中在机器人、AI、半导体 ——机构调研周跟踪 weijixing@kysec.cn 韦冀星（分析师） 简宇涵（分析师） jianyuhan@kysec.cn 证书编号：S0790525050005 "机构调研信息"是投资者决策过程当中，重要的信息补充 机构调研是资本市场信息传递和价值挖掘的重要环节。对于专业机构而言，是深 度研究、投资决策的关键步骤。相较财务信息，机构调研具备披露及时、信息多 维且深入等优势。往往在调研结束后 1-2 天内，公司以公告方式对外披露，主要 内容包含参会人员信息、会议问答等，投资者与公司管理层之间的问答往往涉及 行业最新动态及公司运营细节。 机构调研信息是对基本面信息的重要补充，但信息量大且杂乱。为了清晰梳理 出调研中有效、增量信息，我们推出机构调研周跟踪系列，汇总最近一周、一 个月公开的机构调研信息，涵盖行业、个股两维度，包含调研热度（环比、同 比数据）、调研获得的行业及个股信息增量。 市场高位，机构调研的注意力集中在机器人、AI、半导体等 在指数连续数月上涨后，市场来到一个相对较高的位置，科技板块内多数细分行 业 ...

Investment Rating - Industry investment rating: Positive (maintained) [1] Core Insights - The demand for AI computing power is driving the growth of the optical communication industry, with significant advancements in silicon photonics technology, which is becoming the mainstream solution for 1.6T high-speed optical modules [4] - The partnership between OpenAI and NVIDIA aims to deploy at least 10GW of AI data centers, which is expected to double NVIDIA's GPU shipments in 2025, indicating a strong market demand for AI infrastructure [3][4] - The introduction of NVIDIA's Rubin CPX GPU is anticipated to enhance AI application inference and increase demand for liquid cooling solutions, thereby benefiting the liquid cooling sector [5][6] Summary by Sections Industry Overview - The optical communication network is undergoing continuous upgrades, with a focus on new technologies such as OCS, hollow-core fibers, thin-film lithium niobate, and CPO, which are gaining attention and maturity [4] Market Opportunities - The competitive advantages of leading companies in the optical module sector are expected to strengthen, with rising demand for CW lasers and certain passive components [4] - The launch of the Rubin CPX GPU is projected to create additional liquid cooling demand, as it significantly increases processing capabilities and total power consumption [5][6] Recommended Stocks - Strong recommendations for leading companies in the optical module and liquid cooling sectors include: Zhongji Xuchuang, Xinyi Sheng, Yingweike, Tianfu Communication, and Yuanjie Technology [6]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The European electric vehicle market continues to grow, with August 2025 sales reaching 176,000 units, a year-on-year increase of 41.2%, and a penetration rate of 31.4%, up 8.3 percentage points [5][14] - The EU Parliament has approved amendments to carbon emission assessments, delaying the tightening of targets but maintaining the overall trend [7][39] Summary by Sections Electric Vehicle Sales in Europe - In August 2025, Germany's BEV sales reached 39,000 units, up 45.7% year-on-year, with a penetration rate of 19.0% [16] - The UK has restarted BEV subsidies, with approximately 25% of BEV models qualifying for subsidies, leading to a 14.9% year-on-year increase in BEV sales to 22,000 units [20][23] - France's BEV sales in August were 17,000 units, a 29.6% increase year-on-year, with a penetration rate of 19.4% [24] - Sweden's BEV sales were 7,000 units, with a penetration rate of 33.6% [28] - Norway's BEV penetration rate reached 96.9%, with sales of 13,000 units, up 28.6% year-on-year [30] - Italy's BEV sales were 3,000 units, up 29.3%, with a new subsidy plan expected to launch [33] - Spain's BEV sales surged by 160.8% year-on-year to 7,000 units, driven by new models and promotional activities [35] Investment Recommendations - Recommended lithium battery companies include CATL, Yiwei Lithium Energy, and Xinwangda, with beneficiaries including Zhongxin Innovation and Guoxuan High-Tech [7][39] - Recommended lithium battery materials include Hunan Youneng, with beneficiaries such as Fulian Precision and Wanrun New Energy [7][39] - Recommended lithium battery structural components include Minglida, with beneficiaries like Keda Li and Minshi Group [7][39] - Recommended power/electric drive systems include Weimaisi and Futec Technology, with beneficiaries like Xinrui Technology [7][39] - Recommended charging stations and modules include Tonghe Technology, with beneficiaries such as Shenghong Shares and Youyou Green Energy [7][39]