Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - Since September 2024, the central government's clear requirement has been to "stabilize the real estate market and the stock market" to boost social expectations and facilitate domestic demand circulation. The emphasis on building quality housing and high-quality residential projects is expected to lead to a development wave in this sector [5][51] - The report suggests focusing on real estate companies with strong land acquisition capabilities and product strength in core cities, as well as second-hand housing intermediaries and property management companies [5] Market Performance - The Shanghai Composite Index rose by 2.1%, the Shenzhen Component Index by 1.2%, the ChiNext Index by 0.5%, and the CSI 300 Index by 1.2%. The real estate sector (Shenwan) increased by 2.2% during the week [5][8] - The top five stocks in terms of growth were: Heimu Dan (+18.1%), *ST Rong Control (+16.7%), Yatong Co. (+14.9%), Huali Family (+13.5%), and Shangshi Development (+12.9%). The bottom five were: Zhujiang Co. (-6.8%), Haitai Development (-3.5%), *ST Jinke (-2.1%), Jintou Chengkai (-1.7%), and Hainan Airport (-1.0%) [5][8] Data Tracking New Housing Transactions - In the week of August 2-8, 2025, 42 key cities saw a total new housing transaction of 1.41 million square meters, a decrease of 31.2% week-on-week and a decrease of 19.2% year-on-year. The cumulative new housing transaction for August (up to the week of August 8) was 1.64 million square meters, down 11.2% month-on-month and down 22.3% year-on-year [5][15][22] - In the same week, first-tier cities accounted for 330,000 square meters, second-tier cities for 825,000 square meters, and third and fourth-tier cities for 259,000 square meters [15] Second-Hand Housing Transactions - In the week of August 2-8, 2025, 21 key cities recorded a total second-hand housing transaction of 1.72 million square meters, a decrease of 7.8% week-on-week and a decrease of 4.4% year-on-year. The cumulative second-hand housing transaction for August (up to the week of August 8) was 2.02 million square meters, down 5.8% month-on-month and down 3.2% year-on-year [5][33][37] Industry News - Beijing has canceled the purchase limit for properties outside the Fifth Ring Road and optimized the housing provident fund policy in four aspects: first home recognition, second home quota, accumulation speed, and down payment usage. Shanghai is promoting high-quality urban development through discussions on the "14th Five-Year Plan" [47] - The Jiangsu provincial government held a special meeting to promote consumption, focusing on stabilizing the real estate market and enhancing the supply of quality housing [47] - New regulations in Hunan Province limit the height of high-rise residential buildings to 26 floors and set a maximum floor area ratio of 3.1. Chengdu has introduced guidelines for quality housing design, while Suzhou has implemented new regulations for the self-renewal of private housing [47]

Investment Rating - The investment rating for the company is upgraded to "Buy" [5] Core Views - The company is transitioning from automotive parts to a platform model that includes products for pools, yachts, and other areas, indicating the emergence of a "platform-type" company [5] - In H1 2025, the company achieved revenue of 375 million yuan, a year-on-year increase of 21%, and a net profit attributable to shareholders of 49.41 million yuan, up 27% year-on-year [6] - The electronic and electrical systems business saw a revenue increase of 61% year-on-year, driven by the demand for integrated "hardware and software" products [6] - The company is expanding its product ecosystem with rapid growth in non-automotive parts sales, particularly in household products, which achieved a revenue increase of 183% year-on-year [6] Financial Performance - For H1 2025, the company reported a revenue of 200 million yuan in Q2, reflecting a year-on-year growth of 19% and a quarter-on-quarter growth of 14% [6] - The company’s total market capitalization is approximately 2.45 billion yuan, with a circulating market value of about 1.37 billion yuan [3] - The company’s debt-to-asset ratio stands at 23.86%, indicating a relatively low level of financial leverage [3] Revenue and Profit Forecast - The company is expected to achieve net profits of 129 million yuan, 147 million yuan, and 177 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.95 yuan, 2.24 yuan, and 2.69 yuan per share [8] - The projected revenue for 2025 is 883 million yuan, with a year-on-year growth rate of 17.38% [8] - The company’s P/E ratios for the years 2025, 2026, and 2027 are projected to be 19.1, 16.7, and 13.9 respectively [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The manufacturing business resilience drives steady revenue growth for the group, while awaiting improvements in the retail segment [5] - The company reported a revenue of USD 4.06 billion for FY25H1, with a year-on-year growth of 1.1%, driven by a 6.2% increase in manufacturing revenue, while retail revenue declined by 8.3% in RMB terms [7] - The company is positioned as a leading global manufacturer of sports footwear and a top distributor of sports apparel in China, with a stable growth outlook [7] Financial Summary - Revenue Forecast: Expected revenues for FY25, FY26, and FY27 are USD 8.38 billion, USD 8.74 billion, and USD 9.20 billion respectively, with growth rates of 2.4%, 4.3%, and 5.2% [6][8] - Net Profit Forecast: Expected net profits for FY25, FY26, and FY27 are USD 394.7 million, USD 433.9 million, and USD 473.4 million respectively, with growth rates of 0.6%, 9.9%, and 9.1% [6][8] - Earnings Per Share (EPS): Expected EPS for FY25, FY26, and FY27 are USD 0.25, USD 0.27, and USD 0.30 respectively [6][8] - Return on Equity (ROE): Expected ROE for FY25, FY26, and FY27 are 8.17%, 8.24%, and 8.25% respectively [6][8]

证券研究报告 晨会 hyzqdatemark 2025 年 08 月 12 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年08月12日 华源晨会精粹 20250812 非银 寿险公司的利差风险或可控——净资产对利率的敏感性分析和保单负债成本 测算：低利率环境下，市场担心寿险公司的利差风险。六大上市保险集团（国寿、 平安、太保、新华、人保和太平）的平均净投资收益率由 20 年的 4.7%下降到 24 年 的 3.6%，且由于寿险公司有着负债久期长于资产久期的特征，利率下行带来的债权 资产的增值小于寿险准备金的增提，因此市场对保险公司的利差（投资收益率-负债 成本）产生悲观情绪，进而影响行业和公司的估值。本篇报告将以数据测算为基础， 先分析在压力情景下各家公司的净资产的变化，再计算各家保险公司新保单和存量 保单的成本情况，阐述实际利差风险或是可控的。受资产端会计分类、负债产品特 征、债权投资久期、万能最低保证利率等多个因素影响，各家公司在利率大幅下降 的压力测试下，净资产的下降幅度有一定的差异性，其中太保和国寿在 24 年末利率 继续下行 50bp 的压力测试下，净资产下降幅度为 7%和 13.6 ...

证券研究报告 证券分析师 ——高分子助剂"小巨人"企业，扩产能布局功能高分子材料 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 发行价格 7.21 元/股，发行市盈率 10.24X，申购日为 2025 年 8 月 13 日。能之光本次公开发 行股份初始发行数量为 14,780,000 股，发行后总股本为 79,474,700 股，本次发行数量占超 额配售选择权行使前发行后总股本的 18.60%。若超额配售选择权全额行使，则发行总股数将 扩大至 16,997,000 股，发行后总股本扩大至 81,691,700 股，本次发行数量占超额配售选择 权全额行使后发行后总股本的 20.81%。经我们测算，公司发行后预计可流通股本比例为 38.4%，老股占可流通股本比例为 52.88%。本次发行战略配售发行数量为 2,956,000 股，占 超额配售选择权行使前本次发行数量的 20.00%，占超额配售选择权全额行使后本次发行总股 数的 17.39%，有 10 家机构参与公司的战略配售。公司发行募集资金扣除发行费用后的净额， 拟投资于"功能高分子材料扩产项目"和"研发中心建设项目"，"功能高分子材料扩产项 ...

Investment Rating - The industry investment rating is "Positive" (maintained) with a key recommendation for the "platform + ecosystem" service-oriented enterprise Dekang Agriculture and Animal Husbandry [3] Core Viewpoints - The report emphasizes the ongoing transformation of the pig industry policy, highlighting the importance of high-quality development and the need for cost control and capacity management [4][5][17] - The report suggests that the industry is entering a high-quality development phase, with expectations for improved profit margins and a focus on technology-driven and service-oriented companies [17] - The report identifies potential investment opportunities in leading companies such as Muyuan Foods and Wens Foodstuffs, as well as Dekang Agriculture and Animal Husbandry [17] Summary by Sections 1.1 Pig Industry - Recent pig prices are at 13.72 CNY/kg (down 0.02 CNY/kg MoM), with average slaughter weight slightly decreasing to 127.8 kg (down 0.18 kg MoM) [4][16] - The Ministry of Agriculture and Rural Affairs emphasizes reducing breeding stock and controlling new capacity, with a focus on improving the entire industry chain's competitiveness [5][16] - The report anticipates further policy measures to stabilize pig prices and control production capacity, recommending Dekang Agriculture and Animal Husbandry as a key player [17] 1.2 Poultry - The report notes a persistent contradiction of "high capacity, weak consumption" in the white feather chicken industry, with a focus on improving return on equity (ROE) [18] - Key recommendations include focusing on leading companies in the integrated supply chain and those with strong breeding capabilities [18] 1.3 Feed - The report highlights positive price trends in aquatic products, with significant year-on-year increases in various fish species [20] - It recommends Haida Group due to its improved management effectiveness and capacity utilization, expecting it to exceed growth expectations [20] 1.4 Pet Industry - Online sales growth in the pet industry has slightly slowed, with notable performance from brands like Guibao and Zhongchong [21][22] - The report suggests that long-term impacts from tariff uncertainties are limited, with leading companies expected to maintain high growth rates [22] 1.5 Agricultural Products - The report discusses uncertainties in soybean imports and the rising prices of natural rubber, with a focus on macroeconomic conditions affecting the agricultural sector [23] 2. Market and Price Situation - The report notes that the agricultural index rose by 2.52% during the week, with the pet food sector performing the best at +5.41% [24]

证券研究报告 交通运输 | 航运港口 非金融|首次覆盖报告 hyzqdatemark 2025 年 08 月 12 日 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 市场表现： | 基本数据 | 日 | | | 年 | 08 | 月 | | 11 | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 6.72 | | | | | 一 年 内 高 最 低 | | 最 | / | | | 8.11/5.32 | | | | | （元） ...

Investment Rating - The report maintains a "Positive" investment rating for the insurance industry [4][49]. Core Insights - The report highlights that the interest spread risk for life insurance companies is manageable, despite concerns in a low interest rate environment. The average net investment yield for six major listed insurance groups has decreased from 4.7% in 2020 to 3.6% in 2024, leading to pessimism regarding the interest spread (investment yield minus liability cost) [4][8]. - The sensitivity of net assets to interest rates varies significantly among companies, with China Life and China Pacific experiencing a 13.6% and 7% decline in net assets, respectively, under a 50 basis point interest rate drop scenario [16][21]. - The cost of new policies has effectively decreased, with major companies like China Life and China Pacific seeing a reduction of approximately 50 basis points in liability costs to 2.4-2.5% in 2024 [4][36]. - The report anticipates a turning point for the cost of existing policies post-2028, as high-cost premium cash flows will cease, and companies like Xinhua are increasing equity allocations to hedge against interest rate declines [4][39]. Summary by Sections Section 1: Interest Rate Sensitivity - Long-term interest rates impact life insurance companies' net assets through three main pathways: duration gap between assets and liabilities, the effect on contracts with Variable Fee Approach (VFA), and the ultimate discount rate applied to policy contracts [13][14]. - Under a stress scenario of a 50 basis point decline in interest rates, the net asset impacts for major companies were calculated, showing varying degrees of sensitivity [16][21][27]. Section 2: New Policy Liability Costs - The liability costs for new policies have significantly decreased, with the report noting that the maximum liability rates for traditional and participating insurance products have been lowered, leading to a reduction in the break-even liability cost for major insurers [36][37]. - The report provides a detailed analysis of the break-even liability costs for major insurers from 2021 to 2024, indicating a downward trend in these costs [38]. Section 3: Existing Policy Costs - The report discusses the potential turning point for existing policy costs, with expectations that high-cost premium cash flows will diminish after 2028, thus reducing liability costs [39][40]. - Xinhua Insurance is highlighted for its strategy of increasing equity exposure to mitigate risks associated with declining interest rates, achieving significant investment returns [39][41].

证券研究报告 hyzqdatemark 2025 年 08 月 12 日 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 建筑材料 行业定期报告 "反内卷"为盾， "电子布"为矛 投资评级： 看好（维持） ——建筑材料行业周报（25/08/04-25/08/10） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 联系人 新藏铁路开启，重大工程时代伊始。近日，新藏铁路有限公司成立，注册资本 950 亿人民币，标志着项目启动在即。新藏铁路是我国西部铁路网中战略性干线 工程之一，北起新疆和田市，南至西藏日喀则市，未来将与既有拉日铁路衔接直 达拉萨，是首条连接新疆与西藏的铁路通道。线路途经昆仑山、喀喇昆仑山、冈 底斯山等多 ...

交通运输 | 铁路公路 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 11 日 证券研究报告 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 市场表现： | 收盘价（元） | | | | | | 4.59 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 年 内 / | 高 | | | | | 5.13/3.56 | | | | （元） | | | | | | | | | | 总市值（百万元） | | | | | | 10,315.44 | | ...