投资策略点评 2025 年 09 月 08 日 机构关注度环比回升：基础化工、农林牧渔、家用电 "机构调研信息"是投资者决策过程当中，重要的信息补充 ——机构调研周跟踪 韦冀星（分析师） 简宇涵（分析师） weijixing@kysec.cn 证书编号：S0790524030002 jianyuhan@kysec.cn 证书编号：S0790525050005 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。 策略研究团队 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。 器 个股视角看机构调研情况：联得装备、同益中、雅戈尔等受市场关注较多 周 ...

医药生物 2025 年 09 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% 0% 14% 29% 43% 58% 2024-09 2025-01 2025-05 医药生物 沪深300 相关研究报告 《创新药产业链迎来明确拐点，重点 推荐板块性机会 — 行 业 周 报 》 -2025.9.7 《关注 PD-(L)1/VEGF 双抗海内外临 床进展—行业周报》-2025.8.24 《国谈药品初审名单公布，关注相关 公司的投资机会 — 行 业 周 报 》 -2025.8.17 中药及医药商业 2025H1 复盘：短期承压，静待花开 ——行业点评报告 | 余汝意（分析师） | 巢舒然（联系人） | | --- | --- | | yuruyi@kysec.cn | chaoshuran@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790123110015 | chaoshuran@kysec.cn 证书编号：S0790123110015 中药：OTC 需求偏弱、处方药集采影响消化，静待业绩回暖 截至 2025 年 8 月 31 日，中药板块公司公告 ...

行 业 研 究 2025 年 09 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 60% 72% 2024-09 2025-01 2025-05 房地产 沪深300 相关研究报告 《新房成交面积同环比下降，深圳购 房政策放松—行业周报》-2025.9.7 《新房成交面积环比增加，上海购房 政策放松—行业周报》-2025.8.31 《新房成交面积环比增加，巩固房地 产市场止跌回稳态势—行业周报》 -2025.8.24 深圳政策调整点评：八个行政区限购大幅放松，有望 对金九银十形成支撑 ——行业点评报告 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | 证书编号：S0790124070064 | 事件：深圳市内多区限购措施以及住房贷款利率等政策进行优化 2025 年 9 月 5 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the continuous enhancement of domestic AI models, with significant advancements in capabilities and performance, particularly in the gaming and entertainment sectors [3][34][36] - The report suggests a focus on new content and IP developments in gaming and film, highlighting upcoming releases and their potential market impact [4][30] Industry Data Overview - The game "无畏契约" ranks first in the iOS free game chart, while "王者荣耀" maintains its position as the top-grossing game in the iOS market as of September 6, 2025 [11][15] - The film "捕风追影" achieved a weekly box office of 1.70 billion, with a cumulative box office of 10.01 billion, indicating strong audience interest [27] AI Model Developments - Alibaba's latest model, Qwen3-Max-Preview, has quadrupled its parameters compared to its predecessor, significantly improving its performance in understanding and executing complex instructions [3][34] - Kuaishou has released its multi-modal model, Keye-VL1.5, which excels in video understanding and reasoning capabilities, outperforming previous models in benchmark tests [3][36] Upcoming Game Releases - The interactive game "盛世天下" is set to launch on September 9, 2025, with a substantial narrative and production upgrade, while the RPG game "伊瑟" is anticipated to be released on September 25, 2025 [4][26] - A total of 11 new games are expected to be launched in September, with notable titles from Tencent and Xindong [34] Film and IP Content Focus - The report recommends focusing on the performance of new IP content in gaming and film, with specific companies highlighted for their potential benefits from upcoming releases [4][30] - The film "731" is scheduled for release on September 18, 2025, with high pre-release interest indicated by over 438.8 million viewers expressing interest [4][30]

Group 1: Macro Economic Insights - The central bank may restart government bond trading, indicating a potential shift in monetary policy [4][5] - The government aims to enhance service consumption and has announced measures to optimize service supply capabilities [5] - Recent employment data from the US shows a significant decline in non-farm employment, indicating a cooling labor market [9][10] Group 2: Coal Industry - The coal market is experiencing a transition between thermal and non-thermal coal, with expectations for coal prices to rise [31] - The current operating rate of coal mines is low, and port inventories are decreasing, which supports a potential price rebound [31][32] - Investment recommendations include focusing on companies benefiting from both cyclical and dividend strategies within the coal sector [34] Group 3: Real Estate and Construction - New housing transaction volumes have decreased both year-on-year and month-on-month, while policies in Shenzhen have been relaxed to stimulate the market [41][42] - The REITs market is showing strong performance, with significant growth in transaction volumes and a favorable environment for high-dividend assets [35][36] - The construction materials index has underperformed compared to the broader market, but the sector is expected to benefit from ongoing policy support [27][41] Group 4: Thermal Management Materials - The thermal management materials industry is projected to grow significantly, driven by the demand for high-performance electronic devices [20][21] - The market for heat pipes and temperature equalization plates is expected to expand, with local procurement trends emerging due to supply chain considerations [23] - Companies like Suzhou Tianmai are positioned to benefit from this growth due to their early investments in advanced thermal management technologies [23]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights a robust growth in domestic travel during the summer of 2025, with a total of 11.9 billion people expected to travel, reflecting a year-on-year increase of 4.3% [5][16] - The report emphasizes the strong performance of Long White Mountain, which received 825,200 visitors in August 2025, marking a 14.9% increase year-on-year, setting a new monthly record [30] - The report discusses the rise of AI-driven creative applications, particularly the success of Meitu's AI features, which have gained significant traction globally [6][32] - The report notes the acceleration of internationalization efforts by Proya, including a strategic investment in Huazhihao, aimed at expanding its global footprint [7][42] Summary by Sections Travel and Tourism - Domestic travel is projected to reach 11.9 billion trips during the summer of 2025, with air travel expected to carry 147 million passengers, a 3.4% increase year-on-year [5][16] - Hotel performance is under pressure, with average room rates declining, particularly in mid-range and economy segments, while luxury hotels remain stable [22][29] - Long White Mountain's visitor numbers in August 2025 reached 825,200, a 14.9% increase from the previous year, with cumulative visitors for the year at 2.67 million, up 11.7% [30] AI and Creative Applications - Meitu's AI features, particularly the Nano Banana, have gained popularity, leading to top rankings in app stores in Thailand and Laos [6][35] - The introduction of the WearWow AI fashion app aims to enhance user experience by integrating shopping capabilities directly into the app [37][39] - As of the first half of 2025, Meitu's paid subscribers in the U.S. surpassed those in Japan, indicating strong growth potential in Western markets [40] Beauty Industry - Proya's investment in Huazhihao aims to leverage the brand's appeal among Gen Z consumers, focusing on high aesthetic and emotional value [7][42] - The report indicates that domestic beauty brands are outperforming international brands on platforms like Douyin, with a notable shift towards higher-priced products [57][59] - The beauty market is witnessing a trend towards premiumization, with a significant increase in the sales proportion of high-priced items [58][60]

固态电池行业周报（第十三期）：先导智能已打通全 固态电池量产工艺环节，亿纬锂能"龙泉二号"全固 态电池下线 ——行业周报 电力设备 行 业 研 究 殷晟路（分析师） yinshenglu@kysec.cn 证书编号：S0790522080001 先导智能已打通全固态电池量产工艺环节，亿纬锂能"龙泉二号"全固态电 池下线 （1）材料：9 月 1 日，天齐锂业在 2025 年半年度业绩说明会上宣布，年产 50 吨硫化锂中试项目在四川眉山实质动工。该项目采用自主开发的循环提纯技术， 硫化锂纯度达 99.9%，杂质含量降低 90%，生产成本降至行业平均水平的 60%。 （2）电池：9 月 2 日，亿纬锂能固态电池研究院成都量产基地正式揭牌，"龙 泉二号"全固态电池成功下线。该基地总面积约 1.1 万平方米，全面投产后年产 能近 50 万颗电芯，分两期建设：一期 2025 年 12 月建成，具备 60Ah 电池制造 能力；二期 2026 年 12 月实现 100MWh 年产能交付。"龙泉二号"为 10Ah 全固 态电池，能量密度 300Wh/kg、体积能量密度 700Wh/L，采用三元正极、硅碳负 极和硫化物固态电解质 ...

水泥协会联手"反内卷"，积极布局建材机会 ——行业周报 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% 0% 14% 29% 43% 58% 2024-09 2025-01 2025-05 建筑材料 沪深300 相关研究报告 《建材工业景气指数回升，积极布局 建材投资—行业周报》-2025.8.31 《绿色政策推动供给格局改善，建材 反 内 卷 进 行 时 — 行业周报》- 2025.8.24 《大基建继续维稳经济，建材反内卷 进行时—行业周报》-2025.8.17 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 28 省水泥协会联手"反内卷"，建材反内卷进行时 2025 年 9 月 5 日，全国 28 个省区市水泥（建材）协会会长、秘书长联席会议 在西藏林芝召开。会议以"治理低价无序竞争、维护区域生态"为核心议题， 深入贯彻中央关于"反内卷"指示精神，就加强区域协同治理、建立价格与产 能自律新机制达成广泛共识。与会代表一致认为，当前水泥行业产能严重过 剩、区域低价倾销频发，已危及行业健康可持续发展，亟需通过政府指导、协 会牵头、企业主体、社 ...

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The transition from thermal coal to non-thermal coal is expected to support coal prices, with a stable layout in the coal sector [12] - The current dynamics in the coal market indicate that both thermal coal and coking coal prices have reached a turning point, suggesting potential price recovery [12] - The report highlights that the demand for non-thermal coal, particularly from the coal chemical sector, is anticipated to be a key driver for future price increases [4][12] Summary by Sections Investment Logic - Thermal coal prices are expected to rebound to long-term contract prices, currently above the second target price of around 700 CNY per ton [4][12] - The forecast for thermal coal prices suggests a potential rise to 750 CNY per ton, which is seen as a profit-sharing point for coal and power generation companies [4][12] - Coking coal prices are more influenced by supply and demand fundamentals, with target prices set at 1608 CNY, 1680 CNY, 1800 CNY, and 2064 CNY corresponding to thermal coal price targets [4][12] Investment Recommendations - The report identifies four main investment lines in the coal sector: 1. Cycle logic: Companies like Jinko Coal and Yanzhou Coal Mining 2. Dividend logic: China Shenhua and China Coal Energy 3. Diversified aluminum elasticity: Shenhua Holdings and Electric Power Investment 4. Growth logic: New Energy and Guanghui Energy [5][13] Key Market Indicators - The coal index increased by 0.31%, outperforming the CSI 300 index by 1.12 percentage points [7][9] - The average PE ratio for the coal sector is 13.2, and the PB ratio is 1.23, ranking low among all A-share industries [27][32] - As of September 5, 2025, the price of Qinhuangdao Q5500 thermal coal is 679 CNY per ton, reflecting a slight decrease of 1.59% [19][31] Coking Coal Market - The price of main coking coal at Jingtang Port is currently 1540 CNY per ton, down from 1610 CNY [20][22] - The report notes a significant rebound in coking coal futures prices, which have increased by 61.2% since June [4][12] Non-Thermal Coal Sector - The methanol operating rate is currently at 83.72%, indicating a slight increase, while the urea operating rate has decreased significantly [11][19] - The report emphasizes the importance of non-thermal coal demand, particularly from the coal chemical industry, as a stabilizing factor for coal prices [4][12]

行 业 研 究 投资评级：看好（维持） 2025 年 09 月 07 日 相关研究报告 《新房成交面积环比增加，上海购房 政策放松—行业周报》-2025.8.31 《新房成交面积环比增加，巩固房地 产市场止跌回稳态势—行业周报》 -2025.8.24 《新房成交面积环比增加，完善房地 产 金 融 基 础 性 制 度 — 行 业 周 报 》 -2025.8.17 行业走势图 数据来源：聚源 -17% 0% 17% 34% 50% 67% 2024-09 2025-01 2025-05 房地产 沪深300 ——行业周报 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | 证书编号：S0790124070064 | 核心观点：新房成交面积同环比下降，深圳购房政策放松 本周我们跟踪的 68 城新房成交同环比下降，20 城二手房成交面积同比增长，环 比下 ...