Investment Rating - Industry Investment Rating: Overweight [1] Core Insights - The report highlights the solid demand for energy storage driven by recent policy initiatives and the launch of Nvidia's Rubin CPX, which presents investment opportunities in the AIDC power equipment sector [4][40] - The offshore wind power sector is seeing significant international cooperation and domestic investment, with major projects being signed, which enhances the investment landscape [16][17] - The energy storage market is expected to grow significantly, with a target of 180GW+ installed capacity by 2027, supported by new policies and market mechanisms [19][21][32] Summary by Sections Energy Storage - Recent policies have been introduced to boost the independent energy storage market, with a notable increase in the share of independent storage in July's procurement [19][21] - The report suggests focusing on large-scale storage and overseas household storage expectations, as demand continues to recover [32] Offshore Wind Power - Major projects such as the 700MW offshore wind power project in Ningde and the 500MW Taenan project in South Korea have been signed, indicating a robust investment environment [16][17] - The report emphasizes the importance of these projects in driving investment and improving the supply chain [4] Power Equipment - Nvidia's introduction of the Rubin CPX GPU is expected to create investment opportunities in the AIDC power equipment sector, particularly in liquid cooling and external power supply systems [40][43] - The report recommends monitoring companies involved in these technologies for potential growth [40] Hydrogen Energy - The hydrogen energy sector is experiencing positive growth, with significant orders for hydrogen electrolyzers and government support for new technologies [33][39] - The report advises focusing on hydrogen production, storage, and application segments as key investment areas [39] Electric Vehicles - The revival of the Ningde Times lithium mine is anticipated to enhance the supply chain for battery production, with a focus on solid-state battery technology [44][45] - The report highlights the importance of stable earnings in the battery and structural components sectors [44]

Investment Rating - Industry investment rating: Overweight [1] Core Viewpoints - Samsung Display is set to start mass production of OLED panels for Apple's MacBook Pro by the end of Q2 2026 [4][8] - Domestic OLED production lines are being actively constructed, with a focus on large-sized IT applications, which is expected to expand the OLED market [5][6] - The demand for IT panels (monitors and laptops) is experiencing significant growth, driven by high-end product adoption and diversification among suppliers [6] Summary by Sections - **OLED Production and Market Penetration** - TCL Technology Group announced a joint investment to build an 8.6-generation printed OLED production line in Guangzhou, with a total investment of approximately RMB 29.5 billion [5] - According to Counterpoint Research, domestic OLED panels are expected to accelerate their penetration into the global market by Q2 2025, with Samsung Display holding a 37% market share [5] - **IT Panel Demand and Growth** - The demand for smartphones and TVs is stabilizing but remains weak compared to the same period last year, while IT panels are becoming a new growth engine for OLED [6] - The construction of 8.6-generation AMOLED production lines by BOE and Visionox will lay the foundation for future applications in IT-sized OLED [6] - **Investment Recommendations** - Key companies recommended in the panel detection equipment sector include Jingzhida, with other equipment companies such as Jingce Electronics and Aolide also highlighted [10]

-20% 0% 20% 40% 60% 80% 100% 120% 9/24 12/24 3/25 6/25 电子(申万) 沪深300 [Table_IndNameRptType] 电子 行业点评 前有 TI 涨价，现有对美进口模拟芯片反倾销立 案调查，模拟芯片国产替代趋势加强 [Table_IndRank] 行业评级：增持 报告日期：2025-09-14 [Table_Chart] 行业指数与沪深 300 走势比较 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com 分析师：李元晨 执业证书号：S0010524070001 邮箱：liyc@hazq.com 相关报告 主要观点： ⚫[Table_Summary] 商务部公告对原产于美国的进口相关模拟芯片发起反倾销立案调查 根据中华人民共和国商务部官网，依据《中华人民共和国反倾销条例》 第十六条的规定，商务部决定自 2025 年 9 月 13 日起对原产于美国的进 口相关模拟芯片进行反倾销立案调查。其中调查范围主要包括原产于美 国的进口相关模拟芯片。 根据江苏省半导体行业协会提交的 ...

1. Report Industry Investment Rating - There is no information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - Interest rate trading opportunities lie in the long - end, and the resilience of credit under loose funds may continue. Since June, the interest rate curve has been steepening, with the spread between 10 - year and 1 - year Treasury bonds widening from 20bp to 43bp. The curve's steepness or flatness mainly depends on the performance of long - end interest rates, with a higher probability of range - bound fluctuations [2]. - After the curve steepens, there are trading opportunities. There are still long - end trading opportunities after the bond market correction. The bullet strategy is theoretically more advantageous, and high - coupon local bonds' spread compression opportunities can be observed. Credit bonds are more resilient under loose funds, and the pattern of interest rate fluctuations with credit resilience may persist [4]. 3. Summary According to Relevant Catalogs 3.1 This Week's Institutional Behavior Review - **Curve Steepening Characteristics**: Since June, the interest rate curve has steepened. The short - end remains stable at around 1.40% due to stable funds and large banks' continuous buying of short - term bonds. The long - end is the main factor for the curve's steepening. The trading volume of long - term bonds has increased, and the bond market sentiment is fragile. The curve's future shape depends on long - end interest rates, with a likely range - bound trend [2][3]. - **Trading Opportunities after Curve Steepening**: There are still long - end trading opportunities after the bond market correction. High - coupon local bonds' spread compression opportunities can be considered. Credit bonds are more resilient under loose funds, and this pattern may continue [4]. 3.2 Yield Curve - **Treasury Bonds**: Yields have generally increased. The 1Y yield changed less than 1bp, 3Y increased by 1bp, 5Y changed less than 1bp, 7Y increased by 2bp, 10Y increased by 4bp, 15Y increased by about 8bp, and 30Y increased by 7bp. The 1Y remained at the 12% percentile, 3Y rose to 12%, 5Y and 7Y remained at 11%, 10Y rose to 13%, 15Y rose to 13%, and 30Y rose to 14% [13]. - **China Development Bank Bonds**: Yields also increased overall. The 1Y increased by 4bp, 3Y by 6bp, 5Y by about 7bp, 7Y by 6bp, 10Y by 16bp, 15Y by 11bp, and 30Y by 7bp. The 1Y rose to 14%, 3Y to 13%, 5Y to 14%, 7Y to 13%, 10Y to 13%, 15Y to 14%, and 30Y to 14% [13]. 3.3 Term Spread - **Treasury Bonds**: The interest rate spread inversion deepened, and the term spread generally widened. The 1Y - DR001 spread inversion deepened by 3bp, 1Y - DR007 by 1bp. The 3Y - 1Y spread narrowed by 1bp, 5Y - 3Y widened by 1bp, 7Y - 5Y by 4bp, 10Y - 7Y by 1bp, 15Y - 10Y by about 7bp, and 30Y - 15Y remained flat [18]. - **China Development Bank Bonds**: The interest rate spread showed different trends. The short - and medium - term spreads widened, while the long - term spreads narrowed. The 1Y - DR001 spread inversion deepened by about 2bp, 1Y - DR007 increased by 2bp. The 3Y - 1Y spread widened by about 2bp, 5Y - 3Y changed less than 1bp, 7Y - 5Y changed less than 1bp, 10Y - 7Y widened by 10bp, 15Y - 10Y narrowed by 5bp, and 30Y - 15Y narrowed by 1bp [19]. 3.4 Bond Market Leverage and Funding - **Leverage Ratio**: From September 8 to 12, 2025, the leverage ratio fluctuated and decreased. As of September 12, it was about 107.03%, down 0.22pct from the previous Friday and 0.08pct from Monday [22]. - **Repo Transaction Volume**: The average daily trading volume of pledged repos from September 8 to 12 was about 7.5 trillion yuan, down 0.18 trillion yuan from the previous week. The average daily overnight pledged repo trading volume was 7.3 trillion yuan, down 0.16 trillion yuan, and the overnight trading volume ratio averaged 88.43%, up 0.08pct [28][29]. - **Funding Situation**: Bank - based funds' net lending first increased and then decreased. The main fund borrowers were funds. DR007 fluctuated upward, and R007 fluctuated downward. As of September 12, R007 was 1.47%, up 0.0085pct from the previous Friday; DR007 was 1.46%, up 0.02pct; the spread between R007 and DR007 was 0.0076bp [33]. 3.5 Duration of Medium - and Long - Term Bond Funds - **Median Duration**: From September 8 to 12, the median duration of medium - and long - term bond funds (de - leveraged) was 2.68 years, down 0.08 years from the previous Friday; (leveraged) it was 2.78 years, down 0.16 years [44]. - **Duration by Bond Fund Type**: The median duration of interest - rate bond funds (leveraged) decreased to 3.67 years, down 0.02 years from the previous Friday; that of credit bond funds (leveraged) decreased to 2.48 years, down 0.08 years. The median duration of interest - rate bond funds (de - leveraged) was 3.35 years, down 0.01 years; that of credit bond funds (de - leveraged) was 2.45 years, down 0.07 years [47]. 3.6 Generic Strategy Comparison - **Sino - US Spread**: The short - end spread narrowed, while the long - end spread widened. The 1Y narrowed by 1bp, 2Y by 3bp, 3Y by 3bp, 5Y by 4bp, 7Y widened by 1bp, 10Y by 8bp, and 30Y by 17bp [53]. - **Implied Tax Rate**: Overall, it widened. As of September 12, the spread between China Development Bank bonds and Treasury bonds widened by 3bp for 1Y, 5bp for 3Y, 6bp for 5Y, 4bp for 7Y, 11bp for 10Y, 2bp for 15Y, and remained flat for 30Y [54]. 3.7 Bond Lending Balance Changes - On September 12, the lending concentration of active 10 - year Treasury bonds, active 10 - year China Development Bank bonds, and active 30 - year Treasury bonds increased, while that of less - active 10 - year Treasury bonds and less - active 10 - year China Development Bank bonds decreased. Among institutions, large banks and securities firms saw a decrease, while small and medium - sized banks and other institutions saw an increase [58].

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report highlights the ongoing global biotechnology revolution, emphasizing its integration into economic and social development to address major challenges such as health, climate change, and food security. The National Development and Reform Commission has issued the "14th Five-Year Plan for Biological Economy Development," indicating a trillion-yuan market potential in the biological economy [3][4]. Market Performance - The synthetic biology index increased by 2.01% to 1218.13 during the week of September 1-5, 2025, outperforming the Shanghai Composite Index by 3.19% and underperforming the ChiNext Index by 0.34% [4][20]. - The top five performing companies in the synthetic biology sector during the same week were: - Haizheng Biomaterials (+17%) - BeiGene (+15%) - Kelun Pharmaceutical (+11%) - Health元 (+9%) - Yuanli Technology (+6%) [21][22]. Company Developments - Fuxiang Pharmaceutical has established a wholly-owned subsidiary in Singapore to expand its microbial protein business, aiming for an annual production capacity of 20,000 tons of microbial protein and 50,000 tons of amino acid water-soluble fertilizer [26]. - Kasei (Taiyuan) Biomaterials Co., Ltd. has announced a project for the annual production of 90,000 tons of bio-based polyamide, with existing production capabilities in bio-based products [26]. - Zhejiang Zhenyuan has officially launched its industrialization base for synthetic biology, which includes a facility for the production of histidine and other bio-based products [29]. - Honeywell has partnered with Syzygy Plasmonics to initiate the world's first electrified biogas-to-sustainable aviation fuel (SAF) project in Uruguay, expected to produce over 350,000 gallons of SAF annually [29][30]. Industry Standards - The national standard GB/T 46256-2025 for bio-based materials and products has been released, which will take effect on March 1, 2026. This standard establishes a comprehensive identity certification system for bio-based materials, promoting industry standardization and regulation [10].

Group 1: Report Title and General Information - Report Title: "The Last Hurdle Before Interest Rate Cuts: Inflation Control Confirmed - A Review of US Inflation Data in August 2025" [1] - Chief Analyst: Hong Ziyan [2] Group 2: Investment Rating - Not provided in the report Group 3: Core Views - CPI and core CPI both increased in August, but the growth was limited, and the increase in core CPI was weaker than that of CPI [2]. - The increase in CPI was mainly driven by food and energy items, while core services showed controllable inflation under the slowdown of wage growth, and the real - estate market continued to cool down [8]. - Weak demand persists, and tariff exemptions are expected to further reduce inflationary pressure, clearing the way for the Fed to cut interest rates in September, with the market's expectation of a September rate cut remaining at 100% [8]. Group 4: Data Observation Price Indexes - In August, CPI increased by 2.9% year - on - year (expected 2.84%, previous 2.7%) and 0.4% month - on - month (previous 0.3%). Core CPI increased by 3.1% year - on - year (expected 3.05%, previous 3.0%) and 0.3% month - on - month (same as previous) [2]. Energy and Food Items - Energy items: In August, the energy sub - item rose 0.7% month - on - month (previous - 1.1%), with gasoline prices turning from a decline to an increase (1.9% month - on - month, the largest increase since January). Electricity and pipeline gas prices also rose significantly, with year - on - year increases of 6.2% and 13.8% respectively [3]. - Food items: In August, the food sub - item increased by 3.2% year - on - year (higher than the overall CPI) and 0.5% month - on - month (inflation expanded from July's 0.0%), with significant month - on - month increases in fruits, vegetables, meat, poultry, fish, and eggs [3]. Demand - Sensitive Indicators - Vehicle prices: Used car prices rose 1.0% month - on - month (previous 0.5%) and 6.0% year - on - year. New car prices also recovered, with a 0.3% month - on - month increase (previous 0.0%) and a 0.7% year - on - year increase (previous 0.4%) [4]. - Consumer confidence: The University of Michigan Consumer Sentiment Index dropped to 58.2 in August (previous 61.7), the first decline in 4 months [4]. - Used car wholesale: The Manheim Used Vehicle Value Index showed that the year - on - year wholesale price dropped to 1.72%, and the month - on - month value was only 0.03% [4]. Demand - Lagging Indicators - Furniture prices: The month - on - month growth rate of furniture prices dropped to 0.1% (previous 0.7%), indicating that the impact of tariff costs on furniture prices is weakening and demand has not recovered [4]. Service - Related CPI - Service - related CPI: The month - on - month service CPI began to decline, and the year - on - year value remained the same. The housing market continued to cool down under the slowdown of wage growth [5]. Group 5: Deep Analysis - Inflation controllability: The increase in CPI in August was mainly due to volatile items, and core inflation was still controllable, which did not affect the expectation of an interest rate cut in September [8]. - Future trends: Weak demand continues, and tariff exemptions are expected to further reduce inflationary pressure, clearing the way for the Fed to cut interest rates [8]. - Market reaction: The market regarded the inflation data as a positive signal. The FedWatch tool showed that the expectation of a September rate cut remained at 100%, and traders increased their bets on a rate cut in the second half of the year [8]. Group 6: Summary of Key Charts CPI and Core CPI Trends - Chart 1 shows the year - on - year trends of CPI and core CPI, including actual and predicted values [13][17]. - Chart 2 and 3 show the month - on - month trends of CPI and core CPI and their comparisons with previous years [13][18]. CPI Component Analysis - Chart 4 details the seasonally - adjusted month - on - month and year - on - year changes of various CPI components [13][20]. Other Market Indicators - Chart 5 shows the continuous decline of oil prices [13][21]. - Chart 6 shows that the used car wholesale price increased slightly with low volatility [13][21]. - Chart 7 shows that leading indicators of rent levels are on a continuous downward trend [13][23]. - Chart 8 shows that supply - chain pressure is decreasing while sales are slightly recovering [13][23]. - Chart 9 shows that the gap between average hourly wage growth and core CPI growth is narrowing [13][25]. - Chart 10 shows that the gap between average hourly wage growth and productivity growth is narrowing [13][26].

Market Overview - The market experienced a significant increase on September 11, with the Shanghai Composite Index rising by 1.65% and the ChiNext Index soaring by 5.15% [2] - The total trading volume for the A-share market reached 2.46 trillion, an increase of 23% compared to the previous trading day [2] - All sectors showed gains, with notable leaders in telecommunications (7.39%), electronics (5.96%), and computers (3.71%), while textiles and apparel (0.14%), oil and petrochemicals (0.20%), and social services (0.22%) lagged behind [2] Key Insights - The market has returned to an upward trend, driven by multiple catalysts in the technology sector, leading to strong gains in growth and ChiNext stocks [2][5] - Oracle's cloud infrastructure revenue is expected to grow by 77% year-on-year, with remaining performance obligations reaching $455 billion, a 359% increase [3] - The strong demand for AI has been confirmed, with Oracle's significant contracts with major clients like OpenAI and Meta contributing to its stock surge of 36% [3] Sector Analysis - The technology sector, particularly AI and computing, is highlighted as a primary growth area, with strong performance expected due to high elasticity and supportive earnings [9] - The second main focus is on sectors with solid performance support, including rare earth magnets, precious metals, and engineering machinery, which are expected to benefit from geopolitical dynamics and economic conditions [10] - The release of new Apple products has invigorated the supply chain, with companies like Hon Hai Precision and Luxshare Precision seeing significant stock price increases following the announcement [4] Investment Strategy - The report emphasizes maintaining a focus on high-elasticity growth technology sectors, which are expected to outperform due to their inherent advantages in a rising market [9] - It suggests that investors should avoid switching between sectors during this upward trend, as the strong main lines are likely to continue leading the market [9] - The report also indicates that the current market conditions, including favorable liquidity and government support for capital markets, are conducive to sustained investment in these sectors [8][5]

Group 1: Report Title and General Information - Report Title: How to View Price Signals in the Bond Market Correction? - Commentary on August Price Data [1] - Report Type: Commentary Report [6] - Chief Analyst: Hong Ziyan [2] Group 2: Main Viewpoints Data Observation: Characteristics of August Inflation Data - CPI: In August, the CPI year-on-year was -0.4%, down 0.4 pct from the previous month, falling back into the negative range and lower than the market expectation (-0.2%). The CPI month-on-month was 0%, down 0.4 pct from the previous month. The food item dragged down the CPI significantly, while the core CPI continued to rise, significantly pulled by the gold price [2]. - PPI: The PPI year-on-year was -2.9%, with the decline narrowing compared to July but still lower than the market expectation (-2.88%). The PPI month-on-month was 0%, ending the five - month negative trend. The upstream price regulation continued to show its influence, but the price transmission from the production end to the demand end was still not smooth [2][3][4]. In - depth Perspective: Implications of August Price Data - From the perspective of residents' income, the year - on - year decline of the rent level has remained at -0.1% for six consecutive months since March, indicating that the income improvement trend may have stagnated [5]. - In terms of core indicators, the pork price in August dropped year - on - year to -16.1% and month - on - month to -0.5%. The high inventory of breeding sows led to an oversupply of pork, and the decline in pork price also reflected the contraction of demand, which may continue to drag down the CPI [5][7]. - High - frequency data showed that the prices of various commodities declined, and the upward force on the PPI might weaken [7]. Future Outlook: Trends Seen from August Inflation Data - CPI: This month, the CPI declined more than expected, and the support for the core CPI was still weak. The decline in pork price and international oil price may continue to drag down the CPI. Attention should be paid to the boosting effect of policies on the demand side [8]. - PPI: The PPI trend was still dominated by supply - side price regulation, but the upward momentum weakened. Whether the PPI can maintain the current level in the next month depends on the demand - side's ability to absorb [9]. - Bond Market: The CPI and PPI year - on - year were still in the negative range, and the bond market's continuous correction did not match the fundamentals. In the future, the market may return to the fundamentals, and there are still funds waiting to enter the bond market [9][10][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The blood glucose segment shows steady growth, and the expansion into the European market is progressing smoothly [5][6] - In the first half of 2025, the company achieved revenue of 2.264 billion yuan, a year-on-year increase of 6.12%, and a net profit attributable to shareholders of 181 million yuan, a year-on-year decrease of 8.52% [4][5] - The company’s continuous growth in the blood glucose monitoring market is attributed to its high market share and the increasing contribution from its Continuous Glucose Monitoring (CGM) products [5] Financial Performance - In H1 2025, the blood glucose monitoring system generated revenue of 1.659 billion yuan (+6.88%), while diabetes nutrition and care products generated 149 million yuan (+11.47%) [5] - The company’s domestic revenue was 1.266 billion yuan (+5.40%), and overseas revenue was 744 million yuan (+7.06%) in H1 2025 [6] - Revenue projections for 2025-2027 are 4.908 billion yuan, 5.530 billion yuan, and 6.130 billion yuan, with growth rates of 10.5%, 12.7%, and 10.9% respectively [7][10] - Net profit attributable to shareholders is expected to be 426 million yuan, 535 million yuan, and 666 million yuan for 2025-2027, with growth rates of 30.6%, 25.7%, and 24.4% respectively [8][10] Market Expansion - The company has expanded its CGM product registration to several countries, including Brazil, Iran, and Vietnam, and has received EU MDR certification for its second-generation glucose monitoring system [6] - The company is also progressing with its CGM product registration in the U.S., with plans for clinical trials for the second-generation product expected to start in 2026 [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in performance, with a significant increase in revenue and net profit for the first half of 2025. Revenue reached 4.713 billion yuan, a year-on-year increase of 20.42%, while net profit attributable to shareholders was 409 million yuan, up 16.43% year-on-year [4] - The company is focusing on mergers and acquisitions to expand its capacity, with a notable increase in new contracts for blasting services, amounting to 5.903 billion yuan, a 96% year-on-year growth [7] - The company has a strong market presence in both domestic and international markets, covering approximately 21 provinces in China and expanding into countries along the Belt and Road Initiative [6] Financial Performance - In the first half of 2025, the company achieved a basic earnings per share of 0.33 yuan, with the second quarter showing a revenue of 2.703 billion yuan, a year-on-year increase of 26.44% and a quarter-on-quarter increase of 34.48% [4] - The gross profit margins for different segments were 34.48% for explosives, 29.19% for detonators, and 21.15% for engineering blasting, with a notable increase in the share of engineering blasting revenue [5] - The company expects net profits for 2025 to reach 864 million yuan, with projected earnings per share of 0.70 yuan, corresponding to a price-to-earnings ratio of 19.46 [8]