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]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a revenue of 999.1 million yuan for H1 2025, representing a year-on-year increase of 6%, with Q2 revenue at 403 million yuan, down 17% year-on-year [3] - The ship chain segment faced slight pressure, while the mooring chain revenue and orders accelerated significantly [3] - The company is expected to benefit from the high prosperity of the shipping and offshore industries, with the mining chain entering a rapid growth phase [5] - The floating offshore wind power sector presents a long-term growth opportunity for the company [5] Revenue Summary - H1 2025 revenue breakdown: - Ship chains and accessories: 618 million yuan, down 9% year-on-year - Mooring chains: 355 million yuan, up 51% year-on-year - H1 2025 sales volume: - Ship chains: 63,500 tons, down 2% year-on-year - Mooring chains: 20,900 tons, up 51% year-on-year - H1 2025 order intake: 142,700 tons, with ship anchor chains at 103,200 tons and mooring chains at 39,500 tons [3] Profit Summary - H1 2025 net profit attributable to shareholders was 115 million yuan, down 17% year-on-year, with a net profit margin of 11.98% [4] - The gross profit margin for H1 2025 was 27.71%, benefiting from the higher proportion of mooring chain revenue [4] - Investment income and fair value changes totaled 17.33 million yuan, a decrease of 36.43 million yuan year-on-year, impacting profit performance [4] Financial Forecasts - Adjusted revenue forecasts for 2025-2027 are 2.2 billion, 2.526 billion, and 2.822 billion yuan, representing year-on-year growth of 11%, 15%, and 12% respectively [6] - Adjusted net profit forecasts for 2025-2027 are 309 million, 369 million, and 416 million yuan, with year-on-year growth of 10%, 20%, and 13% respectively [6] - The estimated EPS for 2025-2027 is 0.32, 0.38, and 0.43 yuan [6]

Investment Rating - The investment rating for the company is "Accumulate" [3][6]. Core Insights - The company has demonstrated exceptional capabilities in innovative drug research and development, with a competitive product pipeline [2]. - For the first half of 2025, the company reported a revenue of 0.19 billion yuan, representing a 29% year-on-year increase, and a net loss attributable to shareholders of 1.19 billion yuan, which is a 44% reduction in loss compared to the previous year [1][2]. Summary by Sections Company Overview - The company focuses on target selection in areas with large patient populations and unmet clinical needs, enhancing development speed through international multi-center clinical trials [2]. Product Pipeline - The company has several advanced clinical pipeline products, including: - KRASG12C inhibitor, Goserelin, which is approved for non-small cell lung cancer and is expected to be used for colorectal cancer and other cancers, with a market approval anticipated in November 2024 [2]. - Oral SERD targeted drug D-0502, which offers better convenience and compliance compared to existing muscle injection SERDs, with a key phase III registration trial approved in October 2021 [2]. - D-2570, a novel oral selective inhibitor targeting TYK2 for treating psoriasis and other autoimmune diseases, has shown significant efficacy in clinical trials and is expected to provide new treatment options for patients [2]. Financial Forecast - The company maintains its revenue forecasts for 2025-2027, expecting total revenues of 2.00 billion yuan, 3.50 billion yuan, and 5.00 billion yuan respectively, with EPS of -0.35, -0.24, and -0.33 yuan for the same periods [3][6].

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]

Investment Rating - The report assigns a "Buy" rating for the company, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within the next six months [44]. Core Insights - The company has been a leader in the precision stamping core industry for over 20 years, focusing on advanced technology and supplying well-known global enterprises [2][3]. - The global market for precision stamping cores is projected to grow significantly, with an expected compound annual growth rate (CAGR) of 12.82% from 2024 to 2030, reaching approximately 263.7 billion yuan by 2030 [9][10]. - The company's revenue is primarily driven by precision stamping cores, which accounted for 87.69% of total revenue in 2024, with a gross margin of 22.19% [32]. Summary by Sections 1. Industry Scale - The precision stamping core market is expanding, driven by increasing demand in various applications, including electric motors and electrical equipment [8]. - The market for precision stamping cores is expected to reach 263.7 billion yuan by 2030, with significant growth in the electric vehicle sector [9][10]. 2. Industry Chain and Competitive Landscape - The company has established a comprehensive production capability, from raw material processing to stamping and post-processing, making it one of the few in the industry with such capabilities [37][39]. - The competitive landscape is characterized by a division between low-end and high-end markets, with the company focusing on high-end applications that require advanced technology and quality [30][31]. 3. Financial Data - The company reported revenues of 1.192 billion yuan, 1.189 billion yuan, and 1.421 billion yuan for 2022, 2023, and 2024, respectively, with year-over-year growth rates of 40.78%, -0.26%, and 19.49% [32]. - In the first half of 2025, the company achieved revenues of 752 million yuan, a 19.40% increase compared to the same period last year [32]. 4. Company Advantages - The company has a strong reputation in the precision stamping industry, with significant advantages in scale, technology development, product quality, and market share [37][38]. - The company has developed proprietary technologies, such as in-mold gluing, which enhance product performance and reduce manufacturing costs [37][39].

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].

证券研究报告|宏观点评报告 [Table_Date] 2025 年 09 月 09 日 [Table_Title] 8 月出口放缓，受对美拖累 据海关总署，2025 年 8 月出口总值 3218 亿美元，同比增长 4.4%，不及市场预期的 5.6%和前月的 7.2%； 进口总值为 2195 亿美元，同比 1.3%，同样低于预期的 4.7%，前值 4.1%。如何看待这份不及预期的进出口数 据？ 一是出口意外放缓，主要受美国、拉美和非洲拖累。8 月对美出口同比-33.1%，已连续第 5 个月两位数负增 长，并且较 7 月降幅扩大 11.5 个百分点，较为接近 5 月的低点-34.5%，拖累整体出口同比 5.1pct（拖累效果较 7 月扩大 1.8pct）。其背后原因或是对美出口的关税税率仍维持在 40+%的高位（8 月 11 日特朗普签署行政令， 将对中国的关税暂停措施再延长 90 天）。 同时高频数据指向对美出口仍处于较低增速。从出口集装箱运价来看，8 月最后一周相较 7 月最后一周，美 东和美西航线运价分别下跌 13%和 12%，不过跌势有所减缓（7 月跌幅为 28%左右）。发船数据来看，截至 9月 7 日， ...

Investment Rating - Industry rating: Recommended [5] Core Insights - The token economy is entering a critical development phase driven by Web3 technology and the growth of Real World Assets (RWA), indicating an unstoppable trend towards deep integration with the real economy, gradual improvement of regulatory systems, and continuous technological innovation [1][30] - Financial technology applications, particularly Central Bank Digital Currency (CBDC), are expanding in both retail and industrial payment ecosystems, enhancing transaction security and efficiency while providing new tools for monetary policy implementation [2][34] - Artificial Intelligence (AI) is reshaping the financial ecosystem, becoming a core competitive advantage for financial institutions, and driving innovation across banking, insurance, and securities sectors [3][35] - Embodied intelligence is leading the robotics industry towards large-scale applications, transitioning robots from specialized tools to general intelligent agents, supported by technological breakthroughs and innovative business models [4][40] Summary by Sections 1. Conference Overview - The Inclusion Bund Conference serves as a global high-level platform for fintech and cutting-edge technology discussions, aiming to reshape innovative growth and enhance Shanghai's status as an international financial and technology innovation center [13][18] 2. Token Economy - The token economy represents a new economic form that changes production relationships and wealth distribution, closely linked to the development of the internet and Web3 technology, with blockchain ensuring transparency and immutability in token transactions [23][30] 3. Financial Technology and CBDC - CBDC is a state-backed digital currency that enhances payment systems and provides new tools for monetary policy, driving upgrades in banking core systems and payment terminals, and optimizing financial service efficiency [31][34] 4. AI in Finance - AI technology is increasingly integrated into financial services, with a focus on balancing innovation and risk management, and fostering an open and sustainable AI financial ecosystem [36][37] 5. Embodied Intelligence in Robotics - The robotics industry is evolving rapidly, with embodied intelligence becoming a key driver for connecting the digital and physical worlds, leading to the commercialization of robots across various sectors [39][40] 6. Investment Recommendations - Beneficial targets include companies in RWA such as Langxin Group, JinkoSolar, and Hainan Huatie, as well as those in cross-border payments and embodied intelligence sectors [41]

证券研究报告|宏观点评报告 [Table_Date] 2025 年 09 月 08 日 [Table_Title] 基金销售新规，股债费率或难一概而论 9 月 5 日盘后，证监会发布《公开募集证券投资基金销售费用管理规定（ 征求意见稿）》，时隔 12 年，为《开 放式证券投资基金销售费用管理规定》再次打补丁。新规对公募基金的申购费率、赎回费率均给出了更明确的指 引，旨在通过"宽进严出"，即"降低认购费率，抬升提前赎回成本"的方式，引导资金树立长期投资观念，并降 低耐心资本的综合投资成本。 尽管新规的本意是推动资本市场各大板块长期健康发展，但其中关于债券基金赎回费率的设置，长期利好， 不过由于改动较大，可能会引起债市潜在波动风险，接下来我们将从债基视角出发，从变化、现状、问题、解法 四个维度，探究后续的正式版新规相较征求意见稿，可以有哪些方面的改动。 变化：股债尺度拉平，过早赎回债基同样需要面临高额的惩罚性费率 对于两个版本文件，在 2013 年修订的《开放式证券投资基金销售费用管理规定》中，监管主要针对股票基 金、混合基金给出了明确的赎回费率制定标准，对于收取销售服务费的产品（如 C 类份额），持有期不满 3 ...

证券研究报告|投资策略周报 [Table_Date] 2025 年 09 月 08 日 [Table_Title] 中俄入境签证互免将落地，扩大服务消费若干政策有望近日推出 [Table_Title2] 海外周报 [Table_Summary] 核心结论: ► 中方对俄罗斯持普通护照人员试行免签政策，俄罗 斯将对等实施对华免签 外交部发言人郭嘉昆 9 月 2 日宣布，为进一步便利中外人员 往来，中方决定扩大免签国家范围，自 2025 年 9 月 15 日至 2026 年 9 月 14 日，对俄罗斯持普通护照人员试行免签政策。 9 月 5 日，俄罗斯总统普京在东方经济论坛全会上表示，俄罗 斯相应也将对等实施对华免签政策，作为对中方这一友好措 施的回应。普京称，这是两国友好的证明，俄方非常珍视与 中国的友谊。这毫无疑问也将极大促进两国间的人员往来， 为商贸交流创造有利环境，拉近两国关系。 ► 扩大服务消费若干政策举措有望近日推出 扩大服务消费若干政策举措有望近日推出。为顺应居民消费 结构升级的趋势，新政策举措将着力增加高品质服务供给， 包括扩大入境消费，推出更多优质入境旅游线路和服务；推 动互联网、文化等领域有序 ...