Group 1 - The report highlights the encouragement of mergers and acquisitions (M&A) by policies, with two significant M&A events occurring in the past two weeks [3][11] - The report emphasizes the trend of M&A in the Beijing Stock Exchange (BSE), focusing on resource integration within the same group, external acquisitions in new productivity industries, and "strong chain and supplement chain" expansion [3][19] - As of September 21, 2025, a total of 35 significant investment and M&A events have been disclosed on the BSE [21] Group 2 - Chuangyuan Xinke plans to acquire 100% of Weiyu Tiandao's equity through a combination of issuing shares and cash payments, with the transaction expected to be completed by September 30, 2025 [4][24] - Weiyu Tiandao, fully controlling Hunan Weidao, specializes in satellite navigation technology and has received a silver award for its patent technology in 2025 [4][35] - Chuangyuan Xinke focuses on enhancing wireless testing instruments, primarily in 5G/6G communication, vehicle networking testing, and satellite internet testing [5][36] Group 3 - The report notes that the recent M&A activities are part of a broader trend where companies are increasingly engaging in strategic collaborations and M&A to enhance their competitive edge and market presence [12][18] - The report identifies that the characteristics of current M&A activities on the BSE include a focus on synergistic relationships with core business operations and a preference for cash acquisitions [19][39] - The report indicates that the integration of advanced manufacturing and modern service industries is a key area of focus for the BSE, aiming to promote high-quality economic development [18][39]

Group 1 - The amino acid industry is experiencing a multi-field demand resonance, driven by technological upgrades and high-end transformation, with domestic companies like Wuxi Jinghai accelerating breakthroughs in high-end pharmaceutical raw materials [3][11][23] - The global amino acid production scale surpassed 10 million tons in 2021 and is expected to reach 13.8 million tons by 2027, while the global market size was $26.19 billion in 2021 and is projected to grow to $49.42 billion by 2030 [17][19][22] - Amino acids are widely used in pharmaceuticals, agriculture, health care, food feed, and cosmetics, with applications expanding due to increasing public awareness of health and nutrition [3][20][21] Group 2 - The North Exchange chemical new materials industry experienced a decline of 1.62% in the week from September 15 to September 19, 2025, with various sub-industries showing different levels of decrease [4][25][26] - Key stocks in the North Exchange chemical new materials sector that performed well during the week included Sanwei Equipment (+22.53%), Hanwei Technology (+15.26%), and Huitong New Materials (+5.68%) [33][35] - The overall performance of the North Exchange chemical new materials industry was weak, with all sub-industries experiencing declines, including battery materials (-3.93%) and non-metal materials (-4.36%) [26][30][32]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the continued recommendation for domestic AI computing power, highlighting Huawei's announcement of a clear product roadmap for its Ascend AI chips, which showcases a long-term strategic plan in the AI chip sector [5][11] - Domestic AI chip manufacturers, represented by companies like Cambricon, Haiguang Information, and Chipone, are rapidly improving product performance and gradually replacing foreign products, indicating a strong domestic demand for AI computing power [6][12] - The report identifies significant investment opportunities in domestic computing power, recommending key companies such as Haiguang Information, Zhongke Shuguang, and Inspur Information, among others [7][13] Summary by Sections Market Review - During the week of September 15-19, 2025, the CSI 300 index declined by 0.44%, while the computer index fell by 0.16% [4][14] Company Dynamics - Neusoft Group received a designated notification from a well-known domestic automobile manufacturer for supplying intelligent cockpit domain controllers, with an estimated total amount of approximately 5.6 billion RMB over the product lifecycle [15] - Calat announced a stock option incentive plan for 2025, with a total of 1.8 million stock options to be granted [16] Industry Dynamics - Huawei launched the world's strongest computing power supernodes and clusters, with the Atlas 950 SuperPoD and Atlas 960 SuperPoD supporting 8192 and 15488 Ascend cards, respectively, leading in key metrics [25][23] - The report notes that the domestic AI chip market is witnessing a shift towards self-developed chips by major companies like Baidu and Alibaba, which are gradually replacing NVIDIA products [6][12]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - In August, the growth rate of social retail sales declined, with the liquor sector stabilizing and a focus on niche segments in consumer goods. The food and beverage index fell by 2.5%, ranking 23rd among primary sub-industries, underperforming the CSI 300 by approximately 2.1 percentage points. The sub-industries of processed foods (+0.3%), soft drinks (+0.1%), and health products (0.0%) performed relatively well [4][13][15] - The total retail sales of consumer goods in August 2025 increased by 3.4% year-on-year, with a month-on-month decline of 0.3 percentage points from July. The weakening growth rate is attributed to the diminishing marginal effects of the "old-for-new" policy and a general weakness in consumer demand across various categories [4][13] - The liquor industry is currently in a destocking phase, with high inventory levels in some products. However, there are signs of improvement in terminal demand, and the sector is expected to see a recovery in consumption during the upcoming Mid-Autumn Festival and National Day holidays [5][14] Summary by Sections 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 2.1 percentage points. Leading individual stocks included Qianwei Yangchun, Rizhiyuan, and Weizhi Xiang, while Jiahe Foods, Jinzi Ham, and Junyao Health saw significant declines [15][17] Upstream Data - Some upstream raw material prices have decreased. For instance, the price of whole milk powder was $3,790 per ton, down 0.5% month-on-month but up 9.9% year-on-year. Conversely, the price of fresh milk was 3.0 yuan per kilogram, unchanged month-on-month but down 3.5% year-on-year [18][20] Liquor Industry Data - The cumulative production of liquor from January to August 2025 was 2.352 million kiloliters, a decrease of 9% year-on-year. In August alone, production fell by 18.2% year-on-year [41][43] Recommended Portfolio - The report recommends a portfolio including Guizhou Moutai, Shanxi Fenjiu, Ximai Foods, Wancheng Group, and Bairun Shares, highlighting their growth potential and market positioning [6][14]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The solid-state battery sector is expected to reach a critical milestone for vehicle installation validation by 2027, but it must overcome three core challenges: materials, processes, and interfaces. The sulfide system faces high costs and mass production difficulties, with long-term reliability yet to be verified. The national plan aims for an energy density of 500Wh/kg by 2030, with AI technology accelerating the breakthrough of industrialization bottlenecks [21][25] - The solid-state battery is transitioning from the laboratory stage to mass production validation, with small-scale vehicle testing expected by the end of 2025 and widespread testing anticipated between 2026 and 2027. Emerging application scenarios such as low-altitude, robotics, and AI are expected to open up market space for solid-state batteries, accelerating industrialization [23] Summary by Sections Industry Overview - The solid-state battery index decreased by 2.1% from September 15 to September 19, 2025, while the cumulative increase for 2025 is 48.5%. The average performance of solid-state battery-related stocks within the statistical scope was -2.2%, with all segments except aluminum-plastic film experiencing declines [4][10][11] Industry Dynamics - At the 2025 Suining International Lithium Battery Conference, experts indicated that solid-state batteries will face critical challenges in material, process, and interface technology by 2027. The sulfide system is particularly challenged by high costs and mass production difficulties [25] Company Developments - Ganfeng Lithium's subsidiary won the first prize at the "Maker China" low-altitude economy competition for its low-altitude aircraft power battery project, achieving an energy density of 320-550Wh/kg [26] - EVE Energy plans to break through solid-state battery production technology by 2026, aiming to launch a high-power, environmentally resistant, and safe solid-state battery [27] - XianDai Intelligent has achieved multiple breakthroughs in solid-state battery core processes and can provide complete solutions for sodium-ion battery manufacturing [28] - SK On has established a pilot factory for solid-state batteries, focusing on sulfide-based solid-state batteries and solid-state lithium metal batteries [30] - Panasonic aims to achieve sample shipments of solid-state batteries by 2026, accelerating the commercialization process [33]

Investment Rating - Industry investment rating: Positive (maintained) [1] Core Insights - Huawei's Ascend roadmap was released, projecting a tenfold increase in computing power over the next decade, with AI storage capacity expected to grow 500 times by 2035, accounting for over 70% of total storage needs [14][15] - Microsoft announced the construction of the world's most powerful AI data center, Fairwater, with an initial investment of $3.3 billion, expected to be operational by early 2026, which will significantly boost demand for optical modules and switches [5][16] - The report emphasizes the importance of the Huawei AI chain, OCS, and domestic computing sectors, recommending various stocks across these segments [6][11] Summary by Sections 1. Investment Outlook - Huawei's new Ascend chip series will be launched in phases from 2026 to 2028, with significant improvements in bandwidth and computing power [11][12] - The report suggests focusing on seven key investment areas, including network equipment, AIDC construction, IT equipment, computing leasing, cloud computing platforms, AI applications, and satellite internet & 6G [17][18] 2. Communication Data Tracking - As of July 2025, China had 4.598 million 5G base stations, with 1.137 billion 5G mobile users, reflecting a year-on-year growth of 19.68% [25][27] - The report notes a decline in 5G smartphone shipments in June 2025, with a total of 18.436 million units shipped, a year-on-year decrease of 16.7% [25][32] 3. Operator Performance - In the first half of 2025, China Mobile's cloud revenue reached 56.1 billion yuan, a year-on-year increase of 11.3%, while China Telecom's cloud revenue was 57.3 billion yuan, up 3.8% [40][41] - The ARPU values for the three major operators remained stable, with slight decreases noted for China Mobile and China Unicom [40][44]

投资策略周报 2025 年 09 月 20 日 策略研究团队 坚持科技，高低切的时机尚未到来 （1）近期，在中枢抬升的过程中，A 股市场呈现显著的"增量市"特征，成交 额放大与资金活跃度提升成为核心标志。同时本轮居民更多通过 ETF 入市，带 来了和历史上的"指数牛"不同的特征：①ETF 的流入强化"龙头"风格，尤其 是 ETF 权重股重要性提升，对微盘股造成虹吸；②ETF 被动配置，缺乏主动基 金经理填"估值坑"，导致本轮牛市行业之间的涨幅差异扩大，赚钱效应更集中， 未来"选行业"可能比"选股"更重要，即更容易出现在某板块躲牛市的情况。 （2）本轮产业层面的积极催化持续涌现：全球 AI 革命性发展、科技竞赛、国 产算力需求的快速增长、创新药 BD 大单、国产半导体和芯片的创新发展等多维 度的产业层面的积极催化持续涌现。 （3）但与此同时，宏观预期尚未显著变化，A 股盈利尚未出现明显的拐点信号。 从上半年的财报来看，A 股盈利和收入增速尚在底部；截至 8 月末，70 大城市 的新房销售仍在环比下降；截至 7 月末，工业企业利润同比仍在负增长区间。 高低切需要的条件：短期和长期，目前尚不具备高低切条件 （1）短 ...

Investment Rating - The investment rating for the non-bank financial industry is "Positive" (maintained) [1] Core Insights - The report highlights a significant increase in the profitability of listed brokerages, with a net profit of 102.1 billion yuan in the first half of 2025, representing a year-on-year increase of 63.1% [5][13] - The report emphasizes the strong performance of retail brokerage and proprietary trading, driven by a bullish market, with an annualized ROE of 7.81% [5][12] - The report suggests that the brokerage sector's fundamentals are favorable, with low valuations and institutional holdings, making it a high-risk-reward investment opportunity [5][14] Summary by Sections Brokerage Business - The brokerage business saw a year-on-year revenue increase of 39%, with retail brokerage income growing by 36% [30][31] - The average daily trading volume in the stock market increased by 66%, contributing to the growth in brokerage income [31] - The report anticipates continued high demand in the brokerage business due to a recovering market and low performance base in the third quarter [30][31] Investment Banking - Investment banking revenues increased by 11% year-on-year, with a notable surge in H-share IPOs, which grew by 719% [6][34] - The report notes that the A-share IPO market remains under strict regulation, but the relaxation of policies for tech companies is expected to improve the investment banking outlook [6][34] Asset Management - The asset management segment experienced a slight decline in net income, down 5% year-on-year, with a total asset management scale increase of 1% [40][48] - The report indicates that the market for non-monetary and equity funds has grown, with total assets under management reaching 20.2 trillion yuan and 8.4 trillion yuan respectively, reflecting year-on-year increases of 13% and 27% [48][49]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - In the second half of 2025, the economic growth rate may not decline significantly as it has entered the horizontal part of the second L - shaped curve [6]. - Structural issues such as prices are expected to improve trend - wise [6]. - There will be a continuous switch in stock - bond allocation: bond yields and the stock market are expected to rise continuously [6]. 3. Summary by Relevant Catalogs General Public Budget - **Income**: From January to August 2025, the national general public budget income increased by 0.3% year - on - year (previous value: 0.1%). In August, the general public budget income increased by 2.0% year - on - year (2.6% in July). Tax revenue increased by 3.4% year - on - year (5.0% in July), with the securities trading stamp duty income surging by 226% year - on - year (125.4% in July), and corporate income tax increasing by 33.4% year - on - year (6.4% in July). Non - tax revenue decreased by 3.8% year - on - year (- 12.9% in July) [2]. - **Expenditure**: From January to August 2025, the national general public budget expenditure increased by 3.1% year - on - year (3.4% in the previous period). In August, the general public budget expenditure increased by 0.8% year - on - year (3.0% in July). Infrastructure expenditure items such as urban and rural community affairs decreased by 16.8% year - on - year (2.9% in July), and agriculture, forestry and water affairs decreased by 22.9% year - on - year (- 6.9% in July) [2][3]. Governmental Fund Budget - **Income**: From January to August 2025, the national governmental fund budget income decreased by 1.4% year - on - year (- 0.7% in the previous period). In August, the governmental fund income decreased by 5.7% year - on - year (8.9% in July), mainly due to the negative year - on - year growth of land transfer income. The real estate market is still in the process of bottom - seeking, and the land market is under pressure [4]. - **Expenditure**: From January to August 2025, the national governmental fund budget expenditure increased by 30% year - on - year (31.7% in the previous period). In August, the governmental fund expenditure increased by 19.8% year - on - year (42.4% in July). Driven by special bonds and special treasury bonds, it still maintained relatively high - speed growth [4]. Market On September 17, the bond market showed a narrow - range oscillation in the morning session as the market speculated on the issuance of special treasury bonds. After the issuance of 25 Te Guo 04 exceeded expectations with a winning bid rate of 2.1616%, the long - end yield declined. In the afternoon, the market's expectation of the central bank's restart of treasury bond trading fermented, pushing the long - end yield to continue to decline [5].

Macro Economic Insights - The Federal Reserve announced a 25 basis point interest rate cut, bringing the rate to a range of 4.0%-4.25% [4] - The Fed raised its economic and inflation forecasts, indicating a potential 75 basis point cut in 2025, reflecting a significant change from previous predictions [5] - The Fed's internal divisions are evident, with Chairman Powell navigating challenges related to a cooling labor market and persistent inflation [6] Fiscal Policy Overview - In August, the national general public budget revenue was 1,235.9 billion yuan, while expenditure was 1,858.7 billion yuan, indicating a fiscal deficit [10] - Narrow fiscal revenue growth was stable, with a 2% year-on-year increase in August, while corporate income tax saw a notable 33% increase, suggesting improved corporate profits [11] - Public fiscal expenditure growth slowed to 0.8% year-on-year in August, below the annual target of 4% [12] Government Fund Revenue and Expenditure - Government fund revenue decreased by 15 percentage points to 5.7% year-on-year in August, with land sale revenue declining by 5.8% [13] - Government fund expenditure remained strong, growing by 20% year-on-year in August, despite a decrease from the previous month's 42% growth [13] Company-Specific Insights: Kanglong Chemical - Kanglong Chemical successfully passed FDA inspections, aligning its quality system with international standards, which supports its transition from R&D to commercial production [24] - The company reported a revenue of 6.441 billion yuan in H1 2025, a 14.9% year-on-year increase, with new orders growing over 10% [25] - The company maintains a "buy" rating, with projected net profits of 1.771 billion, 2.274 billion, and 2.782 billion yuan for 2025-2027 [25] Laboratory and CMC Business Performance - The laboratory services segment achieved revenue of 3.892 billion yuan in H1 2025, reflecting a 15.5% year-on-year growth, with new orders also increasing over 10% [26] - The CMC business segment reported a revenue of 1.390 billion yuan, up 18.2% year-on-year, with new orders growing approximately 20% [26]