Investment Rating - Industry rating: Recommended [4] Core Viewpoints - The Ministry of Agriculture and Rural Affairs will hold a meeting on September 16 to discuss the current situation of pig production and measures for capacity regulation among 25 pig farming enterprises [1] - Since late May, there have been frequent policies regarding capacity regulation in the pig farming industry, including a reduction of 1 million breeding sows to a target of 39.5 million [2] - The average slaughter weight of pigs has been steadily decreasing, with a decline of 3.65% as of the first week of September [2] - The current pig prices are low, with August's average price below 14 yuan/kg and recent prices in Guangxi dropping to under 12.5 yuan/kg [3] Summary by Sections Policy and Regulation - The government has implemented strict measures to control the breeding sow population and reduce the weight of pigs for slaughter [2] - Major enterprises like Muyuan Foods have committed to reducing their breeding sow population, with a planned reduction of 3.82% by the end of the year [2] Market Dynamics - The breeding sow population is currently at 40.42 million, slightly above the normal level, indicating potential for further reductions [3] - The pig price is expected to rise in the future due to a combination of active and passive capacity reductions, improving the supply-demand balance [3] Investment Opportunities - The pig farming sector is currently undervalued, with a recommendation to focus on companies like Lihua Stock, which is expected to benefit from rising chicken prices and a growing pig farming business [6] - The company plans to achieve a pig output of over 1 million heads in 2024, with a projected increase to 2 million heads in 2025 [6]

Market Performance - The Shanghai Composite Index closed at 3812.22, up by 4.93 points or 0.13%[1] - The CSI 300 Index closed at 4445.36, increasing by 9.11 points or 0.21%[1] - The China Convertible Bond Index fell to 474.40, down by 3.01 points or -0.63%[1] Trading Volume and Market Sentiment - The total trading volume for the day was 2.00 trillion yuan, a decrease of 148.1 billion yuan compared to the previous day[2] - Stock ETFs experienced a net outflow of 4.2 billion yuan, while margin financing increased by 6 billion yuan[2] - The market sentiment remains cautious, with a notable reduction in trading volume indicating uncertainty among investors[5] Sector Analysis - From September 2 to 9, stock ETFs saw significant net inflows in the brokerage sector, with 4.295 billion yuan into securities ETFs and 2.627 billion yuan into brokerage ETFs[3] - The non-bank financial and metals sectors also saw inflows of 4.7 billion yuan and 3.3 billion yuan respectively, indicating a shift in investment focus[3] Technology Sector Insights - AI computing power rebounded, with Oracle projecting a 77% growth in cloud infrastructure business to reach 18 billion USD this year, significantly exceeding market expectations[4] - The market's upward movement is not solely concentrated in AI, as sectors like ice and snow tourism, and healthcare services also showed strength, indicating a diversification of investment interests[4] Bond Market Dynamics - The yield on 10-year and 30-year government bonds rose to 1.829% and 2.108% respectively, reflecting increased selling pressure in the bond market[7] - The central bank initiated a net injection of 74.9 billion yuan, shifting the funding environment towards balance[6] Risk Considerations - Potential risks include unexpected adjustments in monetary policy, liquidity changes, and fiscal policy shifts that could impact market stability[9]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has shown strong performance in H1 2025, achieving a revenue of 2.841 billion yuan, a year-on-year increase of 109.48%, and a net profit of 547 million yuan, up 214.32% year-on-year, with a record high in non-recurring net profit [1][2] - The European offshore wind auction market is experiencing a high boom, with the company benefiting from abundant orders and expected delivery growth [2][3] - The company is transitioning from a product supplier to a system service provider, expanding its service range to include specialized shipping, shipbuilding, and offshore wind power operations, which is expected to create new growth curves [4][9] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 2.841 billion yuan, a year-on-year increase of 109.48%, and a net profit of 547 million yuan, up 214.32% year-on-year [1] - The non-recurring net profit reached 563 million yuan, marking a 250.48% increase year-on-year, the highest for the same period in history [1] Market Outlook - The global offshore wind auction volume reached a historical high of 56.3GW in 2024, with Europe contributing 23.2GW [2] - The company has secured nearly 3 billion yuan in orders since 2025, with overseas offshore wind orders growing rapidly, covering multiple offshore wind projects in Europe [3] Strategic Initiatives - The company is actively transforming into a system service provider, expanding into specialized shipping and shipbuilding, and has successfully developed three specialized ship types for offshore wind equipment transportation [4][9] - The company has signed a contract for the construction of a 23,000 DWT heavy-duty wind power deck transport ship, expected to be delivered in 2027 [8] Growth Projections - The company expects to see continued growth in overseas deliveries, with a projected increase in offshore wind delivery volumes from 2025 to 2027 [3] - The revenue forecasts for 2025, 2026, and 2027 have been revised upwards, with expected revenues of 6.064 billion yuan, 8.021 billion yuan, and 10.431 billion yuan respectively, reflecting strong growth rates [11]

证券研究报告|宏观点评报告 [Table_Date] 2025 年 09 月 09 日 [Table_Title] 资产配置日报：债市"摆烂" 9 月 9 日，股债双双调整，近期证券时报提示资金"极致抱团"科技赛道后，市场可能正在形成潜在的流动性 风险，类似 2021 年的新能源泡沫，基于此，今日双创板块相应开始校正估值，科创 50、创业板指分别下跌 2.38%、2.23%，主力与大户离场背景下，大盘板块同步下跌，上证指数、沪深 300 跌幅分别为 0.51%、0.70%。 权益市场缩量回调。万得全 A 下跌 0.89%，全天成交额 2.15 万亿元，较昨日（9 月 8 日）大幅缩量 3111 亿 元。如何看待今日的缩量下跌？我们认为，这属于一次健康的调整，而非彻底转弱的信号。 其一，在牛市环境下，缩量下跌分为两种情况。一是缩量小跌，体现出资金的犹豫心理；二是缩量大跌，指 向买盘承接力量不足，即使大幅回调，愿意买入的资金仍然有限。今日属于缩量小跌的情况，资金观望情绪发 酵，但并未彻底转为悲观。 其二，缩量调整体现出资金逐渐走出抱团瓦解的担忧。8 月中下旬以来，市场成交迅速放量，资金经历了从抱 团到瓦解的过程。 ...

Group 1 - The core viewpoint of the report indicates that the yield spread of urban investment bonds has expanded to a high level, driven by liquidity constraints. Since July 2025, the yield on long-term urban investment bonds has risen significantly more than that of short-term bonds, leading to an increase in the yield spread from approximately 34 basis points at the beginning of July to 64 basis points by September 5, 2025, an expansion of 30 basis points [1][9][10] - The report highlights that the credit risk of urban investment bonds has not changed significantly, and the expansion of long-term yield spreads is more a compensation for declining liquidity. In August 2025, the number of transactions for urban investment bonds with a remaining maturity of over five years dropped by nearly 60% compared to July, reaching the lowest level since June 2024 [2][18][23] - The report notes that the current market sentiment towards extending duration is at a low point, with the duration sentiment index dropping from around 3.2 in July 2025 to approximately 1.2 recently, indicating a growing consensus of caution in the market [19][20] Group 2 - The report states that the yield curve of urban investment bonds has steepened since July 2025, with long-term yields rising significantly while short-term yields have remained relatively stable. This steepening of the yield curve suggests that bullet strategies will outperform barbell strategies in terms of returns [3][28][35] - It is emphasized that during periods of steep yield curves, bullet strategies have historically shown better performance in terms of returns and drawdowns. The report suggests that investors should consider 2-3 year bullet strategies as they are expected to outperform in the current market conditions [3][37][48] - The report provides specific recommendations for investors to focus on urban investment bonds with a maturity of 3 years to 1 year that exhibit a relatively steep yield curve, which can yield higher riding returns [3][29][35]

证券研究报告|公司点评报告 [Table_Date] 2025 年 09 月 09 日 [Table_Title] 2025 年中报点评：Q2 业绩短期承压，系泊链 收入&订单进入加速放量阶段 [Table_Title2] 亚星锚链(601890) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 601890 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 12.2/6.49 | | 目标价格： | | 总市值(亿) | 94.02 | | 最新收盘价： | 9.80 | 自由流通市值(亿) | 94.02 | | | | 自由流通股数(百万) | 959.40 | [Table_Summary] 事件概述 公司发布 2025 年半年报。 ► 收入端：船用链略有承压，系泊链收入&订单加速增长 25H1 实现营收 9.91 亿元，同比+6%，其中 Q2 为 4.03 亿元，同比-17%。分产品来看：1）船用链 及附件：25H1 实现收入 6.18 亿元，同比-9%；25H1 实现销售 6.35 万吨，同比-2%；25 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 9 月 9 日 [Table_Title] 创新药研发能力卓越，产品管线具备竞争力 根据公司 2025 年半年报：公司在靶点筛选方面，关注具有 较大患者人群，以及临床需求尚未得到满足的治疗领域。通 过国际多中心临床试验等方式提高开发速度，目前拥有多个 进展前列的临床管线产品：1、公司的 KRASG12C 抑制剂格索 雷塞已用于治疗非小细胞肺癌并有望应用于治疗结直肠癌等 多种癌症，其临床前研究及临床试验均展现出较好的安全 性。格索雷塞于 2024 年 11 月获批上市。2024 年 6 月，格索 雷塞两个新适应症再度被 CDE 纳入突破性治疗药物程序； 3、与现有市场上需要肌肉注射的 SERD 靶向药氟维司群相 比，公司的 SERD 靶向药 D-0502 采用口服给药，便捷性和依 从性更好。2021 年 10 月，中国 CDE 基于Ⅰ期临床试验数 据情况，同意 D-0502 直接开展单药关键Ⅲ期注册临床试 验。2022 年 9 月，该注册性Ⅲ期临床试验完成首例受试者入 组；3、D-2570 是公司自主研发的一款靶向 TYK2 的新型口服 选择性 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a record high Q2 performance with significant growth in CNC machine tools, exceeding market expectations [2][3] - The company achieved a revenue of 5.265 billion yuan in H1 2025, representing a year-on-year increase of 27%, with Q2 revenue reaching 2.986 billion yuan, up 26% year-on-year [3] - The growth in revenue is driven by strong demand in tire molds, large components, and CNC machine tools, with the latter showing a remarkable year-on-year increase of 145% [3] - The gross profit margin remains high, with a sales gross margin of 34.48% in H1 2025, slightly down from the previous year [4] - The company is expected to maintain robust growth in revenue and profit in the coming years, with adjusted revenue forecasts for 2025-2027 being 10.947 billion, 13.017 billion, and 15.043 billion yuan respectively [6][7] Summary by Sections Revenue and Growth - In H1 2025, the company generated revenue of 5.265 billion yuan, with Q2 alone contributing 2.986 billion yuan, marking a new quarterly revenue high [3] - Revenue from tire molds was 2.628 billion yuan, up 19% year-on-year, while large components revenue reached 1.947 billion yuan, up 33% year-on-year [3] Profitability - The net profit attributable to the parent company for H1 2025 was 1.197 billion yuan, a 25% increase year-on-year, with Q2 net profit reaching 677 million yuan, up 21% year-on-year [4] - The sales net profit margin for H1 2025 was 22.73%, indicating stable profitability despite slight fluctuations [4] Future Outlook - The company is expected to see continued growth in its core business segments, with tire molds and large components benefiting from increasing domestic and international demand [5] - The CNC machine tool segment is entering a phase of rapid growth, contributing significantly to overall revenue [5] - The adjusted earnings per share (EPS) forecasts for 2025-2027 are 3.12, 3.77, and 4.43 yuan respectively, reflecting a positive growth trajectory [7]

证券研究报告|新股介绍 [Table_Date] 2025 年 09 月 09 日 [Table_Title] 新股介绍| 深耕 20 余年，精密冲压"小巨人" [Table_Title2] 华新精科（603370） [Table_Summary] ►精密冲压铁芯始终是公司核心收入来源。公司 2022- 2024 年分别实现营业收入 11.92 亿元/11.89 亿元/14.21 亿元，YOY 依次为 40.78%/-0.26%/19.49%；实现归母净 利 润 1.14 亿 元/1.56 亿 元/1.53 亿元，YOY 依次为 56.59%/37.01%/-1.72%。根据最新财务情况，公司 2025 上半年实现营业收 7.52 亿元，较上年同期上升 19.40%； 实现归母净利润 0.98 亿元，较上年同期上升 13.52%。 2024 年，公司收入主要由精密冲压铁芯贡献 1,245.72 亿 元，占比 87.69%，毛利率为 22.19%。 [Table_Summary] ►精密冲压铁芯是主要利润收入来源。公司 2022-2024 年 分别实现营业收入 11.92 亿元/11.89 亿元/14.21 亿 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [4]. Core Viewpoints - The price of yellow feathered chickens has significantly increased, leading to a potential turnaround in the company's Q3 performance [14][18]. - The company's cost of production for yellow chickens has decreased to below 11 yuan per kilogram, enhancing its competitive edge [3][18]. - The pig farming business shows substantial growth potential due to a significant reduction in production costs and planned increases in output [20][21]. Summary by Sections Price Increase and Q3 Performance - Yellow feathered chicken prices have risen since July, with a more than 15% increase noted from 12.93 yuan per kilogram in July to August [2][14]. - The increase in prices is attributed to reduced supply from less efficient farmers exiting the market and seasonal demand spikes during traditional festivals [2][14]. Cost Management and Profitability - The company's complete cost for yellow chicken production has dropped to below 11 yuan per kilogram, which is competitive within the industry [3][18]. - Despite a loss of over 100 million yuan in Q2, projections indicate that with a price increase of 25% to 40%, the company could achieve monthly profits ranging from over 1 billion to more than 3 billion yuan [3][19]. Pig Farming Business Growth - The complete cost of pig farming has decreased significantly, with projections showing a drop from 17.6 yuan per kilogram in Q1 2024 to a target of 12 yuan per kilogram by the end of 2025 [20][21]. - The company plans to increase pig output to 2 million heads by 2025, indicating a strong growth trajectory for this segment [20][21]. Investment Recommendations - The company is positioned as a leading player in the yellow feathered chicken market, with an increasing market share due to the exit of less efficient competitors [8][28]. - Revenue forecasts for 2025-2027 are projected at 179.24 billion, 210.16 billion, and 235.89 billion yuan, with net profits expected to be 8.37 billion, 18.29 billion, and 23.38 billion yuan respectively [28].