1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The bond market yield curve remained steep this week, with the 10Y maturity yield fluctuating around 1.85% and the 1Y Treasury bond maturity yield at 1.40%. The term spreads of 30Y - 10Y and 10Y CDB - 10Y Treasury bonds widened, and the curve steepening continued [3][11]. - There are two "certainties" in the current bond market. First, driven by large - banks' continuous buying of short - term bonds, the short - end is more stable, and the expectation of the central bank buying bonds in the fourth quarter is rising. Second, the anti - decline of credit bonds is expected to continue under the loose funds [3][12]. 3. Summary According to the Directory 3.1 This Week's Institutional Behavior Review: Two "Certainties" in the Bond Market 3.1.1 Yield Curve - Treasury bond yields generally increased. The 1Y yield decreased by 1bp, while the 3Y, 5Y, 7Y, 10Y, 15Y, and 30Y yields increased by about 1bp, 1bp, 5bp, 1bp, 2bp, and 2bp respectively. For CDB bonds, short - end yields increased, and mid - end yields decreased. The 1Y yield increased by 5bp, the 3Y yield increased by 4bp, and the 5Y yield decreased by about 3bp [14]. 3.1.2 Term Spreads - For Treasury bonds, the interest rate spread inversion deepened, and the long - end spreads narrowed. For CDB bonds, the interest rate spread inversion deepened, and the short - end spreads narrowed [16][17]. 3.2 Bond Market Leverage and Funding Situation 3.2.1 Leverage Ratio - From September 15 to September 19, 2025, the leverage ratio decreased weekly. As of September 19, it was about 106.91%, down 0.12pct from last Friday and 0.17pct from Monday [21]. 3.2.2 Average Daily Turnover of Pledged Repurchase - From September 15 to September 19, the average daily turnover of pledged repurchase was about 7.2 trillion yuan, a decrease of 0.33 trillion yuan from last week. The average daily overnight turnover accounted for 87.64%, a decrease of 0.79pct [27][28]. 3.2.3 Funding Situation - From September 15 to September 19, bank - related funds' net lending first decreased and then increased. The main funds' borrowers were securities firms, and money market funds' net lending increased fluctuantly. DR007 and R007 first increased and then decreased. 1YFR007 and 5YFR007 increased fluctuantly [32][33]. 3.3 Duration of Medium - and Long - Term Bond Funds 3.3.1 Median Duration - This week (September 15 - September 19), the median duration of medium - and long - term bond funds was 2.68 years (de - leveraged) and 2.8 years (leveraged). On September 19, the de - leveraged median duration decreased by 0.01 years compared with last Friday, and the leveraged median duration increased by 0.02 years [44]. 3.3.2 Duration by Bond Fund Type - The median duration of interest - rate bond funds (leveraged) decreased to 3.55 years, down 0.12 years from last Friday. The median duration of credit bond funds (leveraged) increased to 2.51 years, up 0.03 years from last Friday [47]. 3.4 Comparison of Category Strategies 3.4.1 Sino - US Yield Spread - The short - end spread widened, and the medium - and long - end spread narrowed. The 1Y, 2Y, and 3Y spreads widened by 5bp, 5bp, and about 3bp respectively, while the 5Y, 7Y, 10Y, and 30Y spreads narrowed [52]. 3.4.2 Implied Tax Rate - The short - end implied tax rate widened, and the mid - end narrowed. As of September 19, the 1Y, 3Y, and 30Y spreads of CDB - Treasury bonds widened, while the 5Y, 7Y, 10Y, and 15Y spreads narrowed [53]. 3.5 Changes in Bond Lending Balance - On September 19, the lending concentration of the second - most active 10Y CDB bond increased, while that of the active 10Y Treasury bond, the second - most active 10Y Treasury bond, the active 10Y CDB bond, and the active 30Y Treasury bond decreased. Except for large banks, all other institutions saw a decline [54].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability significantly improved in Q2 2025, with a notable recovery in profit margins and operational efficiency [1][8] - The non-display business continues to be a key focus for the company, with ongoing efforts to enhance its capabilities in power device packaging and smart manufacturing [5][8] - The display driver chip business remains strong, holding the leading position in the domestic market and third globally, benefiting from the ongoing demand for larger display technologies [8] Financial Performance - In H1 2025, the company achieved revenue of 1.0 billion yuan, a year-on-year increase of 6.6%, while net profit decreased by 38.8% [8] - Q2 2025 revenue reached 520 million yuan, up 6.3% year-on-year and 9.9% quarter-on-quarter, with a significant improvement in gross margin to 31.3% [8] - The company expects revenues for 2025-2027 to be 2.27 billion, 2.62 billion, and 3.04 billion yuan respectively, with net profits projected at 330 million, 400 million, and 510 million yuan [6][9] Business Segments - The display driver chip segment accounted for 92.1% of total revenue in H1 2025, with a strong market position supported by advanced packaging capabilities [8] - The non-display business, while facing challenges, is expected to improve in H2 2025, with specific growth anticipated in Cu Bump and DPS utilization rates [5][8]

Investment Rating - The investment rating for Dell Technologies (DELL) is "Buy" (maintained) [1] Core Views - Dell Technologies reported strong growth in AI server revenue and orders, benefiting from the PC replacement cycle which positively impacts the CSG business [1][4] - For FY2026 Q2, the company achieved revenue of $29.78 billion, a year-over-year increase of 19%, driven primarily by increased AI server shipments [4] - The company’s operating profit for the same period was $1.77 billion, up 27% year-over-year, with Non-GAAP operating profit at $2.28 billion, reflecting a 10% increase [4] - The AI server segment is a significant growth driver, with AI solutions revenue reaching $10 billion in the first half of FY2026, surpassing the total for FY2025 [5] - CSG business revenue was $12.5 billion, showing a year-over-year increase of 1%, with strong demand from small and medium enterprises [6] Financial Performance Summary - FY2026 Q2 results showed a diluted EPS of $1.70, a 38% increase year-over-year, and operating cash flow of $2.5 billion [4] - The ISG business generated $16.8 billion in revenue, a 44% increase year-over-year, with server and networking equipment revenue up 69% [5] - The company expects FY2026/FY2027/FY2028 revenues of $107.45 billion, $115.44 billion, and $122.78 billion respectively, with year-over-year growth rates of 12.4%, 7.4%, and 6.4% [7] - Projected net income for FY2026/FY2027/FY2028 is $5.22 billion, $5.78 billion, and $6.70 billion, with corresponding year-over-year growth rates of 13.8%, 10.6%, and 16.0% [7] Segment Performance - The ISG segment's revenue was $16.8 billion, with a notable increase in server and networking equipment revenue [5] - CSG segment revenue was $12.5 billion, with commercial business revenue growing by 2% year-over-year [5][6] - AI server orders reached $5.6 billion in Q2, with a backlog of $11.7 billion, indicating strong future demand [5]

Investment Rating - The investment rating for Dinglong Co., Ltd. is "Buy" (maintained) [1] Core Views - Dinglong Co., Ltd. reported a significant improvement in profitability in Q2, with a revenue of approximately 1.73 billion yuan for H1 2025, representing a year-on-year growth of about 14.0%. The net profit attributable to shareholders was approximately 310 million yuan, up 42.8% year-on-year, with a gross margin of 49.2%, an increase of about 4.0 percentage points [4][5] - The company's Q2 revenue reached approximately 910 million yuan, reflecting a year-on-year increase of 11.9% and a quarter-on-quarter growth of 10.2%. The net profit attributable to shareholders for Q2 was about 170 million yuan, up 24.8% year-on-year and 20.6% quarter-on-quarter, with a gross margin of approximately 49.6% [4][5] - The improvement in profitability is attributed to the rising demand in the semiconductor industry, deeper penetration among downstream wafer and display panel manufacturers, expansion of the semiconductor materials business, and ongoing cost control measures [4][5] Summary by Sections Financial Performance - For H1 2025, Dinglong Co., Ltd. achieved a revenue of approximately 1.73 billion yuan, with a year-on-year growth of 14.0%. The net profit attributable to shareholders was around 310 million yuan, marking a 42.8% increase year-on-year. The gross margin stood at 49.2%, up 4.0 percentage points [4] - In Q2 alone, the company reported a revenue of about 910 million yuan, a year-on-year increase of 11.9% and a quarter-on-quarter increase of 10.2%. The net profit attributable to shareholders for Q2 was approximately 170 million yuan, reflecting a year-on-year growth of 24.8% and a quarter-on-quarter growth of 20.6% [4] Business Segments - CMP polishing pads generated revenue of 480 million yuan in H1 2025, a year-on-year increase of 59.6%. Q2 revenue reached a record high of 260 million yuan, with monthly sales stabilizing above 30,000 pieces [5] - Semiconductor display materials achieved revenue of 270 million yuan in H1 2025, up 61.9% year-on-year. The company has established itself as a leading supplier for major domestic display panel customers [6] - The company has also made progress in high-end wafer photoresists and advanced packaging materials, with several products entering customer testing phases and initial sales [6] Future Projections - Revenue projections for Dinglong Co., Ltd. from 2025 to 2027 are estimated at 3.96 billion yuan, 4.73 billion yuan, and 5.75 billion yuan respectively. The net profit attributable to shareholders is projected to be 720 million yuan, 940 million yuan, and 1.22 billion yuan for the same period [7] - The expected EPS for 2025, 2026, and 2027 are 0.76 yuan, 0.99 yuan, and 1.29 yuan respectively, with corresponding P/E ratios of 40.24, 30.90, and 23.70 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 241 million yuan in the first half of 2025, representing a year-over-year increase of 5.62%, while the net profit attributable to the parent company was 64 million yuan, down 11.96% year-over-year [5] - The reproductive rehabilitation business continues to grow rapidly, with a revenue of 79.84 million yuan in the first half of 2025, up 42.45% year-over-year [6] - The company is actively expanding into the brain-computer interface sector, which is seen as a core strategic direction for future growth [7] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 123 million yuan, a decrease of 0.89% year-over-year, and a net profit of 24 million yuan, down 33.76% year-over-year [5] - The company expects revenues for 2025-2027 to reach 500 million yuan, 613 million yuan, and 748 million yuan, with year-over-year growth rates of 17.8%, 22.6%, and 22.1% respectively [9] Business Segments - The reproductive rehabilitation and anti-aging business is a key growth driver, while the pelvic floor rehabilitation business faced short-term pressure, with a revenue of 89 million yuan in the first half of 2025, down 15.93% year-over-year [6] - The company is launching innovative products, including the PI-ONE system for pelvic floor rehabilitation and a new radar magnetic stimulation device [6] Future Outlook - The company has several ongoing research projects in the brain-computer interface area, including a key national research plan and various provincial initiatives [7][8] - The projected net profit for 2025-2027 is expected to be 117 million yuan, 164 million yuan, and 203 million yuan, with corresponding year-over-year growth rates of 15.0%, 40.7%, and 23.7% [9]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The Huaxia Securities view is to wait for the bond market to return to fundamental pricing, focus on trading long - term bonds, and the anti - decline of credit bonds may continue under loose funds. The current bond market is weak, with long - term interest rates reversing multiple times during the day. Policy factors, the stock - bond seesaw, and bond fund redemption fee reforms have impacted the bond market. The bullet strategy is theoretically better, and 10Y and 30Y bonds are suitable for intraday trading. There are opportunities in the spread compression of some high - coupon local bonds. Credit bonds are more anti - decline under loose funds [2]. - The seller's view is that the bond market sentiment remains low, and most expect a sideways movement. Currently, 22% of institutions are bullish, 56% are neutral, and 22% are bearish [2]. - The buyer's view is that over 60% of buyers are neutral. Overall, the sentiment of fixed - income buyers is bullish, and the sentiment index has risen. Currently, 20% of institutions are bullish, 68% are neutral, and 12% are bearish [2]. 3. Summary by Relevant Catalogs 3.1 Seller and Buyer Market 3.1.1 Seller Market情绪指数与利率债 - The weighted sentiment index this week is - 0.02, and the unweighted index is 0, both lower than last week. The overall view of institutions is neutral - bearish, with 6 bullish, 15 neutral, and 6 bearish institutions [10]. 3.1.2 Buyer Market情绪指数与利率债 - The weighted sentiment index this week is 0.05, and the unweighted index is 0.08, both higher than last week. The overall view of institutions is neutral - bullish, with 5 bullish, 17 neutral, and 3 bearish institutions [11]. 3.1.3 Credit Bonds - Market hot topics include the stock - bond seesaw and public fund fee reforms. The stock - bond seesaw leads to intensified capital diversion from the bond market, increased pressure on bond fund redemptions, and the public fund fee reform triggers a structural adjustment on the liability side, causing a full - scale increase in credit bond yields [16][17]. 3.1.4 Convertible Bonds - This week, institutions generally hold a neutral - bullish view. 40% of institutions are bullish, and 60% are neutral [20]. 3.2 Treasury Bond Futures Tracking 3.2.1 Futures Trading - Futures prices generally declined. As of September 12, the prices of TS/TF/T/TL contracts were 102.38 yuan, 105.60 yuan, 107.71 yuan, and 115.27 yuan respectively, with changes of - 0.01 yuan, + 0.01 yuan, - 0.24 yuan, and - 1.08 yuan compared to last Friday. The trading volume and open interest of each contract increased [24]. 3.2.2 Spot Bond Trading - The turnover rate of 30Y treasury bonds decreased to 4.00% on September 12, down 0.52 pct from last week. The turnover rate of interest - rate bonds and 10Y China Development Bank bonds increased [33][36]. 3.2.3 Basis Trading - The basis of TS and TF contracts widened, while that of T and TL contracts narrowed. The net basis of most contracts widened, and the IRR of main contracts showed mixed trends [40][43]. 3.2.4 Inter - period and Inter - variety Spreads - Except for the narrowing of the inter - period spread of the TL contract, the inter - period spreads of other contracts widened. Except for the narrowing of the 2*TS - TF spread, the inter - variety spreads of other contracts widened [51].

Group 1 - The report emphasizes the importance of maintaining core investment themes while exploring new platforms in the A-share market for the fourth quarter of 2025 [2][4] - Key recommended sectors include rare earth permanent magnets, precious metals, military industry, financial IT, power equipment, and agricultural products [3] - The report anticipates a more abundant liquidity environment due to expected interest rate cuts by the Federal Reserve and the upcoming "14th Five-Year Plan" proposals, which may enhance market expectations [4][10] Group 2 - Economic growth is projected to steadily decline, with GDP growth expected at 5.0% for 2025, and 4.6% for Q4 2025 [10][11] - Consumer retail sales are forecasted to grow by 3.8% for the year, with a significant slowdown in investment across various sectors, particularly in real estate, which is expected to decline by 14.3% [10][11] - The report highlights that while exports are expected to maintain a high level of activity, a slight decline in growth is anticipated in Q4 due to high base effects from the previous year [19][24] Group 3 - The report discusses the anticipated recovery of the RMB exchange rate, driven by the Federal Reserve's interest rate cuts, which may attract foreign capital inflows [42][61] - It notes that the central bank has a clear intention to guide the RMB towards appreciation, which is crucial for maintaining market liquidity [47][61] - The report also indicates that the RMB's appreciation could lead to increased foreign investment in domestic stocks, enhancing overall market liquidity [61][62]

Investment Rating - Investment Rating: "Accumulate" (Maintain) [1] Core Views - The company reported a significant increase in performance, with a 33.42% year-on-year growth in revenue to 1.05 billion yuan and a 348.95% increase in net profit to 192 million yuan for the first half of 2025 [4] - The semiconductor business continues to grow, with a 27.17% increase in revenue and a substantial order backlog of 2.328 billion yuan, reflecting a 54.72% increase since the beginning of the year [6][7] - The photovoltaic segment is also showing resilience, with ongoing technology upgrades and new battery technology development, contributing to stable growth [8] Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 1.05 billion yuan, with a gross margin of 36.05% and a net profit margin of 18.32% [4] - In Q2 2025, revenue was 540 million yuan, a 12.43% decline year-on-year but a 5.76% increase quarter-on-quarter, with net profit reaching 108 million yuan, up 175.65% year-on-year [5] - The company forecasts revenues of 2.946 billion yuan, 3.332 billion yuan, and 3.589 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 318 million yuan, 496 million yuan, and 530 million yuan for the same years [9][10] Business Segment Analysis - Semiconductor: The company is focusing on expanding its semiconductor product offerings, with several new ALD and CVD equipment series gaining market acceptance and orders from key clients [7] - Photovoltaic: The company is enhancing its technology capabilities and optimizing costs while expanding its market presence, particularly with its JW series edge passivation equipment and new XBC battery line solutions [8]

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]