Report Summary 1. Report Industry Investment Rating The document does not provide the industry investment rating. 2. Core Viewpoints - In August 2025, although the net value of credit - bond ETFs declined, the total market value and circulating shares remained stable, with the market value and shares of science - innovation bond ETFs increasing significantly [2]. - The decline in the net value of credit - bond ETFs did not trigger a negative feedback loop of fund share redemptions, and the secondary discount of credit - bond ETFs did not show signs of spreading to the primary market [2]. - As of the end of August 2025, 8 benchmark - making credit - bond ETFs and 10 science - innovation bond ETFs have been included in the exchange repurchase pledge pool, which can help holders improve leverage efficiency and relieve liquidity pressure [2]. - The secondary discount rate of credit - bond ETFs will fluctuate and return to the center. The bond market is expected to recover in the future, which may drive up the net value of credit - bond ETFs [2][3]. - In August 2025, the yields of the constituent bonds of listed credit - bond ETFs did not show obvious over - adjustment. Attention should be paid to the marginal impact that the listing of the second batch of science - innovation bond ETFs may bring [3]. 3. Summary by Relevant Content 3.1 Performance in August 2025 - **Market Environment**: In August 2025, the equity market continued its strong performance, and the Shanghai Composite Index rose from 3,573 at the end of July to 3,858 on August 29. Affected by the stock - bond seesaw effect, the bond market declined, and the yield of the active 10 - year Treasury bond rose from around 1.71% at the end of July to 1.78% on August 29 [2]. - **Net Value Performance**: The average unit net value of science - innovation bond ETFs decreased by 0.26% compared with the end of last month, and all adjusted to below 100 yuan by the end of August. The average unit net value of benchmark - making credit - bond ETFs decreased by 0.23% compared with the end of last month [2]. - **Market Value and Circulating Shares**: The total market value and circulating shares of credit - bond ETFs were generally stable in August, and there was no large - scale primary redemption of ETF shares. By the end of August, the total market value of benchmark - making credit - bond ETFs was 126.2 billion yuan, and the circulating shares were 1.254 billion, both slightly decreasing from the end of last month. The total market value of science - innovation bonds was 120.2 billion yuan, and the circulating shares were 1.207 billion, showing a significant increase from the end of last month [2]. - **Discount Rate**: On August 18, affected by the strong performance of the equity market, the discount rate of benchmark - making credit - bond ETFs deepened to over 0.5%, and the discount rate of science - innovation bond ETFs exceeded 0.3%. By the end of August, the discount rate of benchmark - making credit - bond ETFs was 0.2%, and that of science - innovation bond ETFs was 0.06%, showing a large - scale repair compared with the deep discount on August 18 [2]. 3.2 Inclusion in the Repurchase Pledge Pool - As of the end of August 2025, 8 benchmark - making credit - bond ETFs and 10 science - innovation bond ETFs have been included in the exchange repurchase pledge pool. Holders can choose to finance through repurchase to obtain liquidity instead of directly redeeming ETF shares at the primary level, which can relieve the pressure of ETF share redemptions to some extent [2][3]. 3.3 Future Outlook - **Market Factors**: As of the end of August 2025, the total number of fixed - income wealth management products in the market was 40,605, with a total scale of 28.68 trillion yuan, an increase of 120 billion yuan from the end of July. In August, wealth management products net - bought 59.9 billion yuan of credit bonds in the inter - bank market, showing no signs of negative feedback from wealth management redemptions [2]. - **Yield Forecast**: Considering factors such as continuous central bank easing and the decline in bank liability costs, the report expects the yield of the 10 - year Treasury bond to be between 1.6% - 1.8% in the second half of the year, and the bond market is expected to recover, which may drive up the net value of credit - bond ETFs [2][3]. 3.4 Component Bond Yields and Market Impact - In August 2025, the yields of the constituent bonds of the CSI AAA science - innovation bond index and the Shanghai Stock Exchange benchmark - making corporate bond index mostly showed significant corrections, but compared with the maturity yields of medium - and short - term notes of ChinaBond (AA+), the yields of the index constituent bonds did not show obvious over - adjustment [3]. - On August 20, 14 fund companies collectively submitted applications for the second batch of science - innovation bond ETFs. Based on the impact of the first batch of science - innovation bond ETFs on the yields of constituent bonds after listing, the second batch may bring a downward trend in the spreads of constituent bonds at the initial stage of listing. It is recommended to pay attention to the allocation opportunities of medium - and short - duration science - innovation bond ETF constituent bonds [3].

Group 1: Industry Overview - The pet market in China is experiencing robust growth, with the urban dog and cat consumption market size increasing from 170.8 billion yuan in 2018 to 300.2 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 9.86% [6][9] - The pet food segment remains the largest market share at 52.8% in 2024, while the medical market holds 28.0% [6][9] - The concentration of pet food brands in China is relatively low compared to the U.S., with the top ten brands accounting for only 26% of sales in 2024, indicating potential for new entrants [15][18] Group 2: Product Strategies - Companies are adopting multi-brand strategies to diversify their product offerings, with Guobao Pet's brands targeting different market segments, including high-end and low-end products [28][30] - Zhongchong's pet food revenue from snacks is projected to reach 70% in 2024, while its main food revenue is steadily increasing [32][38] - Petty's plant-based chewing gum and meat snacks are significant revenue contributors, with plant-based products accounting for 36.6% of total revenue in 2024 [42][43] Group 3: Research and Development - Guobao Pet leads in R&D spending, with its R&D expenses projected to grow from 44.05 million yuan in 2020 to 85.48 million yuan in 2024 [2][3] - Zhongchong's R&D expenses are expected to increase by 52% year-on-year to 72.68 million yuan in 2024 [2][3] - Lusi's R&D expense ratio is the highest in the industry, reaching 3.04% in 2024 [2][3] Group 4: Capacity Expansion - Companies are expanding their production capacities globally, with Zhongchong establishing factories in North America and Guobao Pet expanding in Thailand [2][3] - Petty's production facilities are distributed across New Zealand, China, and Southeast Asia, while Lusi is developing a factory in Cambodia [2][3] Group 5: Marketing Strategies - Companies are increasing their marketing expenditures to enhance brand influence, with Guobao Pet's sales expense ratio exceeding 20% in 2024 [2][3] - Zhongchong is actively participating in co-branding activities and leveraging authoritative media endorsements [2][3] - Petty focuses on scenario-based marketing, while Lusi emphasizes participation in industry exhibitions [2][3] Group 6: Financial Performance - Guobao Pet shows the highest revenue and net profit growth rates from 2021 to 2024, with a revenue CAGR of 26.8% and a net profit CAGR of 64.2% [2][3] - In 2024, Guobao Pet's domestic revenue is expected to account for 67.7% of its total revenue, while Petty's overseas revenue is projected to be 82.6% [2][3] - As of September 4, 2025, Guobao Pet has the largest market capitalization at 39.6 billion yuan, with a price-to-earnings (PE) ratio of 51x [2][3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][8]. Core Views - The company is positioned as a leader in the smart projection industry, with a focus on home use and expanding into automotive and commercial sectors. The report highlights a recovery in profitability and market share, driven by cost advantages and a stable domestic market [7][11]. - The company is expected to see significant growth in net profit from 2025 to 2027, with projections of 300 million, 600 million, and 800 million RMB respectively, reflecting year-on-year growth rates of 151.3%, 99.8%, and 33.4% [6][8]. Summary by Sections Market Performance - The closing price of the company's stock is 127.00 RMB, with a total market capitalization of 8,890 million RMB and a debt-to-asset ratio of 46.95% [3]. Financial Forecast and Valuation - Revenue projections for the company are as follows: 3,557 million RMB in 2023, 3,405 million RMB in 2024, and expected growth to 3,872 million RMB in 2025, with a year-on-year growth rate of 13.74% [6]. - The expected earnings per share (EPS) are projected to rise from 1.72 RMB in 2023 to 4.31 RMB in 2025, with a corresponding price-to-earnings (P/E) ratio of 29.45 for 2025 [6]. Business Overview - The company has established itself as a leader in the domestic smart projection market, maintaining the highest shipment volume for seven consecutive years. It is now expanding into automotive and commercial sectors, aiming to become a global leader in projection devices [16][21]. - The company’s revenue from projection equipment and accessories reached 1,490 million RMB in the first half of 2025, accounting for 96.2% of total revenue, while internet value-added services contributed 60 million RMB [27]. Growth Drivers - The domestic market is stabilizing, with the company expected to regain pricing power and improve profit margins. The report notes that the industry is entering a consolidation phase, which may benefit the company as it enhances its market share [7][30]. - The company is also focusing on expanding its overseas market presence, with significant growth potential in regions like North America and Western Europe, where the acceptance of smart projection products is gradually increasing [55][67]. New Business Development - The automotive business is rapidly developing, with the company already securing eight contracts for vehicle-mounted projection products. This segment is expected to contribute significantly to revenue in the coming years [72][80]. - The commercial business is anticipated to start generating revenue in the second half of 2025, leveraging the company’s established technology and brand strength [10][27].

Non-Banking Financials - China Ping An (601318.SH) reported a revenue of 500.1 billion and a net profit of 68 billion for H1 2025, with a year-on-year growth of 1.0% and a decline of 8.8% respectively [2][8] - The operating profit after tax (OPAT) increased by 3.7% to 77.7 billion, while the net assets rose by 1.7% to 944 billion [2][8] - The new business value (NBV) for life insurance grew by 39.8%, and the combined ratio (COR) for property insurance improved by 2.6 percentage points to 95.2% [2][8] Pharmaceuticals - Zai Lab (688266.SH) achieved a total revenue of 376 million, marking a 56.07% increase year-on-year, although it reported a net loss of 73 million [13][14] - The company’s key product, Gika Xini, was approved for market, expected to generate significant revenue [14][15] - The pipeline includes promising candidates like ZG005 and ZG006, which are in various stages of clinical trials and have shown strong efficacy [15][16] Utilities and Environmental Protection - China Nuclear Power (601985.SH) reported a revenue of 40.973 billion, a 9.43% increase, but a net profit of 5.67 billion, down 3.66% year-on-year [18][19] - The company plans to distribute a mid-term dividend of 0.02 per share, reflecting its commitment to shareholder returns [20] - The company has 19 units under construction or approved, with a total capacity of approximately 22GW, ensuring long-term growth [20] Medical Devices - Haitai New Light (688677.SH) reported a revenue of 266 million, a 20.50% increase, and a net profit of 74 million, up 5.52% [22][23] - The company’s medical endoscope revenue reached 207 million, with significant growth in overseas markets [23][24] - The gross margin for the company improved to 65.84%, driven by increased sales and operational efficiency [23][24] Construction and Building Materials - Jianghe Group (601886.SH) reported a revenue of 9.339 billion, a decrease of 5.86%, but a net profit increase of 1.69% to 328 million [30][31] - The company has a high dividend payout ratio of 51.82%, indicating strong investor returns [30][31] - The company is expanding its overseas market presence, with significant growth in orders from international markets [31][32] Transportation - Shentong Express (002468.SZ) achieved a revenue of 25.02 billion, a 16.02% increase, but faced a net profit decline of 3.73% [37][38] - The company’s market share reached 12.9%, with a significant volume of 6.54 billion parcels processed [38][39] - The company is focusing on digital transformation and improving customer service to enhance profitability amid competitive pricing pressures [39][40]

Group 1: IPO Performance - In the first eight months of 2025, the average first-day return for IPOs on the Beijing Stock Exchange reached 328%, significantly higher than the 229% for the entire year of 2024[24] - In August 2025, the average first-day return for five newly listed companies was 290%, a slight decrease from July, possibly due to the accelerated issuance of new stocks leading to more dispersed funds[24] - The average revenue for newly listed companies in August 2025 was 10.7 million yuan, indicating a continuous improvement in the quality of companies listed on the exchange[32] Group 2: Subscription Trends - The average subscription amount for new stocks in August 2025 reached a record high of 677.4 billion yuan, reflecting strong market enthusiasm for new listings[27] - The average subscription amount for the first eight months of 2025 was 578.7 billion yuan, a substantial increase from 369 billion yuan in 2023 and 212.9 billion yuan in 2024[27] - The average expected return for a top-tier subscription account (1.5 million yuan) in the first eight months of 2025 was 29,000 yuan, with August's expected return at 7,550 yuan[31] Group 3: Market Dynamics - A total of 12 companies completed their IPOs in the first eight months of 2025, raising 3.8 billion yuan, with five companies listed in August alone, raising 1.33 billion yuan, marking the highest monthly fundraising amount since 2024[19] - The average online subscription rate dropped to 0.0365% in August 2025, indicating increasing competition for new shares as the number of applicants rises[27] - As of August 31, 2025, there were 170 companies preparing for IPOs on the Beijing Stock Exchange, with an average review cycle of 399 days for the five companies listed in August[46]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance was below expectations, but its ongoing nuclear power projects ensure stable and continuous growth [6] - The company reported a revenue of 40.973 billion yuan for the first half of 2025, a year-on-year increase of 9.43%, while the net profit attributable to shareholders decreased by 3.66% [8] - The company plans to distribute an interim dividend of 0.02 yuan per share, totaling 410 million yuan, which represents 7.27% of the net profit for the first half of 2025 [8] - The company has 19 units under construction or approved for construction, with a total installed capacity of approximately 22 GW, which lays the foundation for long-term growth [8] - The company expects net profits for 2025-2027 to be 10.0 billion, 10.5 billion, and 11.3 billion yuan, with growth rates of 13.9%, 5.1%, and 7.4% respectively [8] Financial Summary - The company's total market capitalization is approximately 182.64 billion yuan, with a circulating market capitalization of about 167.68 billion yuan [4] - The company's earnings per share (EPS) for 2025 is projected to be 0.49 yuan, with a price-to-earnings (P/E) ratio of 18.27 [7] - The company's revenue for 2025 is estimated to be 84.544 billion yuan, reflecting a year-on-year growth rate of 9.41% [7] - The company's return on equity (ROE) for 2025 is projected to be 8.61% [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is experiencing smooth commercialization progress, with significant potential for its pipeline in overseas markets [5] - The company's revenue for the first half of 2025 reached 376 million yuan, representing a year-on-year growth of 56.07%, driven by the inclusion of its product in the national medical insurance directory [7] - The company's key product, Jikaxitini, was successfully approved for market launch in May 2025 and is recommended as a first-line treatment for primary myelofibrosis [7] - The pipeline shows promising potential, with several products advancing through clinical trials and expected to contribute to future revenue growth [7] Financial Summary - Revenue projections for 2025-2027 are estimated at 824 million yuan, 1.388 billion yuan, and 2.391 billion yuan respectively, with year-on-year growth rates of 54.68%, 68.36%, and 72.28% [6][8] - The company is expected to achieve a net profit of 117 million yuan in 2026 and 561 million yuan in 2027, with significant growth rates of 222.86% and 379.53% respectively [6][8] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 242 for 2026 and 50.44 for 2027 [6][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights that China Ping An's new business CSM performed well, with a focus on OCI stock allocation in the first half of the year [5] - The company's revenue and net profit attributable to shareholders for the first half of 2025 were 500.1 billion and 68 billion respectively, showing a year-on-year growth of 1.0% and a decline of 8.8% [6] - The operating profit after tax (OPAT) attributable to shareholders increased by 3.7% to 77.7 billion, while the net assets attributable to shareholders rose by 1.7% to 944 billion [6] - The report indicates a significant growth in the new business value (NBV) of the life insurance segment, which increased by 39.8% [6] - The combined ratio (COR) for property and casualty insurance improved by 2.6 percentage points to 95.2% [6] - The non-annualized comprehensive investment return rate improved by 0.3 percentage points to 3.1% year-on-year [6] - The mid-year dividend per share increased by 2.2% to 0.95 yuan [6] Financial Performance Summary - In Q2, the net profit attributable to shareholders and OPAT increased by 8.2% and 4.9% year-on-year respectively, indicating a positive trend compared to Q1 [7] - The life insurance segment's OPAT growth rate was 2.5%, while the property and casualty insurance segment saw a 1.0% increase [10] - The asset management business's net profit attributable to shareholders increased by 14.3 billion, primarily due to a reduction in financial expenses [10] - The technology segment reported a net loss of 2.6 billion, mainly due to a one-time loss from the consolidation of Good Doctor [10] Earnings Forecast and Valuation - The projected revenue for 2025 is 1,072.2 billion, with a year-on-year growth rate of 4.21% [12] - The net profit attributable to shareholders is expected to be 130.6 billion in 2025, reflecting a growth rate of 3.17% [12] - The earnings per share (EPS) is forecasted to be 7.21 yuan in 2025, with a price-to-earnings (P/E) ratio of 8.0 [12] - The intrinsic value per share is estimated at 85.12 yuan, with a price-to-intrinsic value (P/EV) ratio of 0.68 [12] Investment Strategy - The report suggests that the company's mid-year results align with market expectations, particularly with the stabilization of the life insurance business's CSM [13] - The investment performance in the first half of 2025 was primarily driven by OCI equity contributions, while TPL investments were considered average [13] - The forecast for net profit attributable to shareholders for 2025-2027 is 130.6 billion, 148.0 billion, and 173.2 billion respectively, with corresponding growth rates of 3.2%, 13.3%, and 17.0% [13]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6][10][57]. Core Insights - The report highlights that the company is facing short-term profit pressure due to price wars, but the potential for improvement is significant with the implementation of anti-involution policies [6][10][12]. - The company is expected to benefit from the growth in e-commerce and the expansion of the return goods market, maintaining a structurally favorable demand environment [11][12][56]. Financial Performance Summary - For 2025, the company is projected to achieve revenue of 53.93 billion yuan, with a year-on-year growth rate of 14.33% [7][11]. - The net profit attributable to the parent company is forecasted to be 1.40 billion yuan in 2025, reflecting a year-on-year growth of 34.25% [7][57]. - The earnings per share (EPS) is expected to reach 0.91 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 18.07 [7][57]. Market Position and Strategy - The company is recognized as a leading franchise-based express delivery service provider in China, with a focus on enhancing its operational foundation through direct management of transfer centers and network expansion [12][16]. - The report emphasizes the company's strategic shift from price competition to value competition, which is anticipated to improve profitability as the industry moves towards anti-involution measures [12][56]. Capital Expenditure and Capacity Expansion - In the second quarter of 2025, the company reported capital expenditures of 884 million yuan, a year-on-year increase of 29.2%, indicating strong confidence in future growth [22][56]. - The company aims to increase its daily throughput capacity to over 90 million parcels by the end of 2025, driven by ongoing investments in infrastructure and technology [11][22][56].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown significant recovery in exports, with overseas production capacity being established in an orderly manner [5] - The company reported a revenue of 266 million yuan in H1 2025, representing a year-on-year growth of 20.50%, and a net profit attributable to shareholders of 74 million yuan, up 5.52% year-on-year [7] - The company is experiencing rapid growth in overseas income, with medical endoscope revenue reaching 207 million yuan, a year-on-year increase of 17.72% [7] Financial Performance Summary - Revenue projections for 2025-2027 are 586 million yuan, 738 million yuan, and 903 million yuan, with year-on-year growth rates of 32.32%, 25.99%, and 22.35% respectively [6][8] - Net profit attributable to shareholders is forecasted to be 185 million yuan, 237 million yuan, and 295 million yuan for 2025-2027, with growth rates of 36.34%, 28.62%, and 24.27% respectively [6][8] - The company's gross margin for H1 2025 was 65.84%, an increase of 1.75 percentage points year-on-year [7]