Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights that the profitability of the breeding chain is expected to see significant growth in H1 2025, with the pet sector maintaining its high prosperity [3][20] - The preliminary ruling on anti-dumping measures against EU pork imports is anticipated to drive domestic pork prices upward, presenting a good opportunity for investment in the pig farming sector [4][14] - The report emphasizes a dual driving force from both fundamental and policy aspects, suggesting that pig prices are likely to rise in H2 2025, improving the investment logic in the pig farming sector [20] Summary by Sections Weekly Observation - The Ministry of Commerce has announced preliminary anti-dumping measures on EU pork imports, with a guarantee deposit rate ranging from 15.6% to 62.4% [4][13] - The domestic pork and pork offal import volume reached 1.15 million tons in H1 2025, with EU imports accounting for 52% [14][16] Market Performance (Sept 1 - Sept 5) - The agricultural index underperformed the market by 0.15 percentage points, with the Shanghai Composite Index down 1.18% and the agricultural index down 1.32% [6][24] - The pet food sector led the gains among sub-sectors, with notable increases in individual stocks such as Yuegui Co. (+13.19%) and Honghui Fruits (+9.23%) [6][24][29] Price Tracking (Sept 1 - Sept 5) - The average price of live pigs was 13.77 yuan/kg, up 0.11 yuan/kg from the previous week, while the average price of piglets was 25.4 yuan/kg, down 1.74 yuan/kg [7][35] - The price of corn futures increased by 1.46% to 2219.00 yuan/ton, and soybean meal futures rose by 1.60% to 2536.00 yuan/ton [47][48] Key News (Sept 1 - Sept 5) - The Ministry of Agriculture reported a 5.3% month-on-month increase in the slaughter volume of designated pig slaughtering enterprises in July 2025 [30] - The report indicates that the domestic pig farming sector is expected to benefit from the anti-dumping measures, leading to a potential increase in domestic pork prices [4][14] Investment Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [20] - In the feed sector, companies like Haida Group and New Hope Liuhe are recommended due to strong domestic and overseas demand [20][23]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The bottom of the liquor market is gradually emerging, and growth in new consumption is expected. The food and beverage index experienced a decline of 1.0% from September 1 to September 5, ranking 14th among 28 sub-industries, underperforming the CSI 300 by approximately 0.2 percentage points. The sub-industries of processed foods (+1.0%), meat products (+0.5%), and other foods (0.0%) performed relatively well. Individual stocks such as Huanlejia, Qianwei Yangchun, and Huifa Foods saw significant gains, while Aipu Co., Youyou Foods, and New Dairy experienced notable declines. Despite market consolidation, a more proactive investment approach in the food and beverage sector is recommended to seize undervalued rotation opportunities. The liquor sector is facing demand decline due to alcohol bans, but the current fundamental situation is already reflected in the market, and the risk is reduced. As companies streamline operations, they are expected to resonate with the subsequent industry recovery, leading to increased investment interest. Some liquor brands are showing signs of improvement in opening rates, indicating that the fundamental bottom is approaching. The food and beverage sector has undergone a prolonged adjustment, and current valuations are relatively low, providing a high safety margin. Public fund positions have continued to decrease, optimizing the chip structure. Liquor companies, represented by liquor stocks, are showing a continuous increase in dividends, aligning with the stock selection criteria of certain funds, making them attractive to conservative investors. Additionally, new consumption is expected to continue attracting funds in the second half of the year. From the mid-year performance reports, new consumption targets exhibit rapid growth and strong growth potential, with high growth expected for the entire year. Investors are advised to focus on new channels, new categories, and new markets to identify new consumption targets that align with industry development trends. Specific recommended stocks include Weilong Delicious, Yanjinpuzi, Ximai Foods, Dongpeng Beverage, Youyou Foods, Wancheng Group, and Bairun Co. [3][11][12] Market Performance - From September 1 to September 5, the food and beverage index declined by 1.0%, ranking 14th out of 28, underperforming the CSI 300 by approximately 0.2 percentage points. The sub-industries of processed foods (+1.0%), meat products (+0.5%), and other foods (0.0%) performed relatively well. Individual stocks such as Huanlejia, Qianwei Yangchun, and Huifa Foods saw significant gains, while Aipu Co., Youyou Foods, and New Dairy experienced notable declines [12][13]. Upstream Data - On September 2, the GDT auction price for whole milk powder was $3,809 per ton, down 5.6% month-on-month but up 12.2% year-on-year. The domestic fresh milk price was 3.0 yuan per kilogram on August 28, remaining stable month-on-month but down 4.7% year-on-year. In the short to medium term, domestic milk prices are still on a downward trend [16][17]. Liquor Industry News - Recently, Guizhou Province announced two liquor projects with a total investment of 5.2 billion yuan. The projects include a 50,000-ton annual production facility for sauce-flavored liquor and an intelligent storage center for sauce-flavored liquor. The total investment for the production facility is 5 billion yuan, while the intelligent storage center has an investment of 200 million yuan [38][39].

Group 1 - The financing balance of the Beijing Stock Exchange (BSE) reached a new high of 7.364 billion yuan as of September 4, 2025, indicating strong market resilience and investor confidence [1][9][22] - The financing balance of the BSE has shown a consistent upward trend, with significant increases observed during three market rallies in November 2023, September 2024, and February 2025 [1][11][14] - The proportion of financing balance to market capitalization for the BSE is 1.17%, significantly lower than that of the Sci-Tech Innovation Board (2.90%) and the Growth Enterprise Market (3.49%), suggesting potential for future growth in financing [1][14][15] Group 2 - The BSE's average daily trading volume reached 35.971 billion yuan, a 7.82% increase from the previous week, reflecting improved liquidity in the market [2][26][28] - The BSE 50 Index closed at 1,618.18 points with a TTM PE ratio of 79.12, indicating a solid valuation level [2][27][29] - The top three companies by financing balance on the BSE are Jinbo Biological, Better Ray, and Shuguang Digital, with financing balances of 327 million yuan, 270 million yuan, and 230 million yuan respectively [18][22][23] Group 3 - The report highlights the performance of various sectors, with the TTM PE ratios for high-end equipment, information technology, new chemical materials, consumer services, and pharmaceutical biology being 46.83, 110.99, 51.38, 63.12, and 48.25 respectively [2][37][39] - The report suggests focusing on technology growth, self-sufficiency, anti-involution, and energy storage sectors following the release of semi-annual reports [2][41][42] - The report indicates that the number of companies with a TTM PE ratio exceeding 45 has increased, with 158 companies now in this category, reflecting a shift in valuation structure [2][31][35]

Domestic Macro Policy - The central bank may restart government bond trading, indicating potential changes in monetary policy[14] - The State Council's opinion on promoting high-quality urban development aims for significant progress by 2030 and basic completion by 2035[10] - New policies in Shanghai and Shenzhen allow home purchases without limits in specific areas, signaling a relaxation of housing market restrictions[18] Infrastructure and Industry - The release of the "Internet Platform Pricing Behavior Rules" aims to regulate price competition among operators[11] - The "Artificial Intelligence+" action plan aims for deep integration of AI in six key areas by 2027, with a target of over 70% application rate by then[13] Fiscal Policy - The Ministry of Finance and the State Taxation Administration announced four tax exemption measures to support the social security fund[15] - Discussions on government bond issuance management and the central bank's bond trading operations suggest a focus on stabilizing the financial market[14] Consumption Policy - The implementation of the personal consumption loan interest subsidy policy aims to stimulate consumer spending[16] - The Ministry of Commerce plans to introduce measures to expand service consumption in September, enhancing service supply capabilities[17] Financial Regulation - The China Securities Regulatory Commission plans to lower public fund fees, optimizing the redemption fee system[20] Trade Relations - Recent meetings between Chinese leaders and counterparts from Russia and North Korea emphasize strengthening bilateral cooperation and addressing core interests[22][23] Overseas Macro Policy - The EU is implementing trade agreements with the US, including tariff reductions on various products, while Japan's central bank signals a potential continuation of interest rate hikes[25][27]

Investment Rating - The report indicates a positive outlook for the thermal management materials industry, driven by strong downstream market demand and technological advancements [3][21]. Core Insights - The thermal management materials industry is experiencing sustained growth due to increasing demand from downstream sectors such as consumer electronics, automotive electronics, and data centers. The global thermal management market is projected to grow at a compound annual growth rate (CAGR) of 8.5%, increasing from $17.3 billion in 2023 to $26.1 billion by 2028 [3][21]. - The penetration rates of heat pipes and vapor chambers are continuously rising, with local procurement becoming a significant trend as domestic companies mature technologically [3][21]. Summary by Sections 1. Industry Demand and Growth - The global demand for thermal management materials is on the rise, with a forecasted market size growth from $17.3 billion in 2023 to $26.1 billion by 2028, reflecting a CAGR of 8.5% [3][21]. - The shift towards high-performance, miniaturized, and integrated electronic products is intensifying the need for effective thermal management solutions [3][21]. 2. Market Segmentation - Heat pipes and vapor chambers are becoming mainstream solutions in high-end smartphones, with market sizes expected to reach $3.776 billion and $1.197 billion respectively by 2025, with CAGRs of 6.17% and 14.20% [15][18]. - The thermal interface materials market is projected to grow from $5.2 billion in 2019 to $7.6 billion by 2026, with a CAGR of 5.57% [16][19]. 3. Local Procurement Trends - Local procurement is becoming a dominant trend in the thermal management materials industry, driven by supply chain security concerns among domestic electronic brands [35][36]. - Domestic companies like Suzhou Tianmai and Zhongshi Technology are expected to benefit from this trend as they enhance their technological capabilities [35][36]. 4. Key Beneficiaries - Suzhou Tianmai is highlighted as a key player in the industry, having established itself early in the ultra-thin heat pipe and vapor chamber market, achieving significant production scale and client certifications [4][35].

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [2] Core Insights - The industry is experiencing a clear turning point, entering a new upward cycle due to the continuous support for innovative drugs and the recovery of overseas demand [7][24] - The CXO sector is expected to see a gradual recovery in operating performance, with a recommendation to actively invest in this direction [6][16] - The performance of leading CXO companies is improving, with significant growth in revenue and net profit expected in the first half of 2025 [14][17] Summary by Sections CXO Sector - The CXO industry has shown a recovery trend, with total revenue of 24 core companies reaching approximately 592.2 billion yuan, a year-on-year increase of about 16.6% in the first half of 2025 [14] - Leading CXO companies like WuXi AppTec and WuXi Biologics are experiencing significant improvements in their performance, with net profit growth of 62.7% [14][17] - The demand for ADC and weight-loss industry chains is strong, contributing to the robust growth of companies like WuXi AppTec and WuXi AppTec [17] Life Sciences Upstream - The life sciences upstream sector is witnessing a clear turning point, with most companies showing significant performance improvement [24] - Bioreagent companies are experiencing steady growth in conventional business, while unconventional business impacts are largely cleared [24] - Chemical reagents are maintaining high growth, with companies like Haoyuan Pharmaceutical and Bid Pharma exceeding revenue and net profit expectations [24] Recommended and Benefiting Companies - Recommended companies in the pharmaceutical and biotechnology sector include: Heng Rui Medicine, East China Medicine, Sanofi, and others [8] - In the CXO sector, recommended companies include WuXi AppTec, WuXi Biologics, and others [8] - In the research service sector, recommended companies include Bid Pharma, Baipusai, and others [8]

投资策略周报 2025 年 09 月 07 日 行业分化下，市场的配置思路发生变化 策略研究团队 ——投资策略周报 韦冀星（分析师） 简宇涵（分析师） weijixing@kysec.cn jianyuhan@kysec.cn 证书编号：S0790525050005 坚定牛市思维，双轮驱动，科技为先 市场突破后，我们对于指数的长期趋势仍维持乐观判断:（1）坚定牛市思维，证券 化率视角下，当前估值仍有上行空间，持续看好。（2）市场结构呈现【双轮驱动】， 一是全球科技共舞下的成长品类提供强劲的弹性，二是"反内卷"牵头下周期与顺 周期交易 PPI 修复的扩散行情。（3）不应该在积极的市场中做"惊弓之鸟"，应"坚 守自我，科技为先"。（4）风格上，看好成长板块，在市场风险偏好高位，成长更易 跑出超额。（5）如果有投资者相对畏高，对于想寻找除了前期涨幅累积较多的光模 块、PCB、创新药、科创芯片、液冷以外的低位品种进行高低切，我们认为当前应 该重点关注游戏、传媒、互联网、华为产业链(消费电子)等品种。 业绩视角：行业盈利分化，结构重于全局 风险提示：宏观政策超预期变动加快复苏进程；全球流动性及地缘政治恶化风 险；前瞻指 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The AI computing power sector is experiencing a wave of investment, with major global players reporting high revenue growth in AI computing [5][11] - Domestic and international large model manufacturers are increasing their investments, further supporting the high prosperity of AI computing [6][12] - The report emphasizes the continuous growth potential in the AI field, particularly in computing power and applications [7][13] Summary by Sections Industry Investment Rating - The report maintains a "Positive" investment rating for the computer industry [1] Market Review - During the week of September 1-5, 2025, the CSI 300 index fell by 0.81%, while the computer index dropped by 7.27% [4][14] AI Computing Power Investment Wave - NVIDIA reported a quarterly revenue of $46.7 billion, a 6% increase quarter-on-quarter and a 56% increase year-on-year, with data center revenue also showing significant growth [5][11] - Broadcom's quarterly revenue reached $15.95 billion, a 22% year-on-year increase, with AI semiconductor revenue growing by 63% to $5.2 billion [5][11] Domestic and International Investments - Meta plans to invest at least $600 billion in the U.S. by 2028, while OpenAI forecasts a total revenue of $13 billion for 2025 [6][12] - Alibaba Cloud reported a revenue of 33.398 billion yuan in Q2 2025, with a 26% year-on-year growth, and a capital expenditure of 38.676 billion yuan, up 220% [6][12] Investment Recommendations - Recommended companies in the AI computing sector include Haiguang Information, Zhongke Shuguang, and Inspur Information, among others [7][13] - In the AI application sector, recommended companies include Kingsoft Office, ZTE Information, and Kingdee International, among others [7][13] Industry Dynamics - Alibaba launched the Qwen3-Max model, its largest AI model to date, while OpenAI is collaborating with Broadcom to develop its own AI chips, expected to start production in 2026 [21][25]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][13]. Core Views - The company is expected to experience robust growth driven by its cloud transformation and AI project implementations, with an upward revision of net profit estimates for 2025-2027 to 550 million, 730 million, and 890 million RMB, reflecting year-on-year growth of 43%, 32%, and 22% respectively [6][8]. - The current stock price corresponds to a PE valuation of 17.7, 13.4, and 10.9 times for 2025-2027, indicating potential for valuation elasticity as the company is expected to be included in the Hong Kong Stock Connect [6][8]. Financial Performance - For the first half of 2025, the company achieved revenue of 4.34 billion RMB, a year-on-year increase of 4.9%, and a net profit of 183 million RMB, up 73.3% [7]. - The gross margin improved to 23.4%, an increase of 1.4 percentage points, with reductions in R&D, management, and sales expense ratios contributing to profit margin enhancement [7]. - The cloud business turned profitable for the first time in the first half of the year, reflecting a positive trend in the company's financial health [7]. AI and Cloud Business Growth - The company has successfully implemented its "AI First" strategy, with AI applications now covering over 10 fields and more than 100 ready-to-use intelligent agents [8]. - The continuous expansion of AI project scenarios is expected to enhance the sustainability of growth in the cloud business, particularly in the context of digital transformation driven by government policies [8].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company is a leading provider of smart home hardware and IoT cloud platform services in China, leveraging a 2+5+N system to build an integrated AIoT ecosystem, driving performance growth through hardware and cloud platform synergy. The growth logic across various segments is clear, with expected steady profit growth from 2025 to 2027 [5][19]. - The projected net profits for 2025, 2026, and 2027 are estimated at 6.24 billion, 7.10 billion, and 8.45 billion yuan, respectively, with corresponding EPS of 0.8, 0.9, and 1.1 yuan, leading to a current PE ratio of 41.2, 36.2, and 30.4 times [5][10]. Summary by Sections Company Overview - The company originated from Hikvision and has developed a vertical integrated AIoT ecosystem through product and cloud service offerings. Its development has progressed through four stages, culminating in the current 2+5+N ecosystem upgrade [19][21]. Market Dynamics - The global smart home market is rapidly expanding, with a projected size of 174 billion USD by 2025, growing at a CAGR of 17.4% from 2020 to 2025. The penetration rate is expected to increase by 29.7% during the same period [7][55]. Competitive Advantages - The company has a strong technological foundation and continues to invest in AI algorithm development, enhancing its supply chain through increased self-production and the establishment of smart factories [6][19]. Future Outlook - The company has clear growth trajectories across its product lines, including smart cameras, smart entry systems, and service robots. The smart camera segment is expected to remain a primary growth driver, while the smart entry segment is rapidly expanding, with a projected revenue growth of 47.9% in 2024 [8][19]. Financial Performance - The company has shown consistent revenue growth, with total revenue expected to rise from 48.41 billion yuan in 2023 to 62.53 billion yuan in 2027, reflecting a CAGR of 15.3% [10][19]. The net profit is projected to recover and grow steadily after a temporary decline in 2024 due to increased marketing and R&D expenses [40][44].