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]

Regulatory Changes - The new regulations from the CSRC aim to lower subscription fees and increase early redemption costs to promote long-term investment in public funds[1] - The redemption fee structure has been expanded to include bond funds, simplifying the previous four-tier system to three tiers[3] Redemption Fee Structure - Under the new rules, the minimum redemption fees are set at 1.5% for holdings less than 7 days, 1.0% for 7 to 30 days, and 0.5% for 30 days to 6 months[3] - Previously, bond funds had more flexibility in setting redemption fees, often resulting in zero fees for holdings over 30 days[4] Market Impact - Over 50% of bond funds currently allow for zero redemption fees after 30 days, indicating a potential shift in investor behavior due to the new fee structure[4] - The bond market may face increased volatility as the new rules could lead to higher redemption costs, particularly affecting short-term and long-term bond funds[8] Investor Behavior - Institutional investors dominate the bond market, with 92% of liabilities coming from banks and other financial institutions, indicating that redemption behavior is often driven by liquidity needs rather than market speculation[5] - The average annual yield for bond funds is between 2% and 5%, making the new redemption fees more significant compared to equity funds, which can yield higher returns[7] Recommendations - The report suggests that the final version of the regulations could benefit from differentiated penalty rates for bond funds to better align with their lower yield characteristics[9] - A potential adjustment in the redemption fee structure could help mitigate the impact on regular investors while still discouraging speculative behavior[9]

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 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 09 月 08 日 猪肉猪价震荡偏强，欧盟猪肉反倾销裁定落地 [Table_Title2] 农林牧渔行业周报第 28 期 [Table_Summary] 本周观点: 种植产业链：为确保秋冬种生产用种安全，近日，农业农村部 在全国范围内部署开展秋季农作物种子市场检查，聚焦小麦、 油菜、蔬菜等重点作物，加大对种子市场、经营门店等抽查力 度，严把种子质量关，切实规范种子市场秩序。同时，按照全 国种业监管执法年活动安排，深入推进马铃薯种薯和食用菌菌 种、网络售种、种子检验机构、牛冷冻精液等领域专项整治， 持续加大违法违规行为多发重点领域清理整治力度，全面净化 种业市场。农业农村部将派出 5 个工作组赴河南、湖南、江西 等重点用种地区进行督促指导，开展现场监管执法，依法严厉 查处严厉打击种子假冒伪劣、套牌侵权、无证生产经营等违法 违规行为，严防不合格种子入市，切实保障农业生产用种安 全，有力支撑粮油作物大面积单产提升。在粮食安全背景下， 转基因技术在提升单产方面具有革命性作用，我们判断转基因 商业化进程将继续扩面提速，以通过提升单产从根本上提升关 键品 ...

证券研究报告|行业点评报告 [Table_Date] 2025 年 09 月 08 日 [Table_Title] 欧盟猪肉反倾销落地，重视生猪养殖板块 [Table_Summary] 事件概述: 商务部公布对原产于欧盟的进口相关猪肉及猪副产品反倾销调查 的初步裁定。调查机关初步认定，原产于欧盟的进口相关猪肉及 猪副产品存在倾销，国内产业受到实质损害，而且倾销与实质损 害之间存在因果关系。根据《反倾销条例》第二十八条和第二十 九条的规定，调查机关决定采用保证金形式实施临时反倾销措 施。自 2025 年 9 月 10 日起，进口经营者在进口被调查产品时， 应依据本初裁决定所确定的各公司的保证金比率向中华人民共和 国海关提供相应的保证金。 分析与判断: 邮箱：zhousha@hx168.com.cn SAC NO：S1120519110005 联系电话：0755-23947349 分析师：魏心欣 邮箱：weixx@hx168.com.cn SAC NO：S1120524100002 联系电话： ► 过去 5 年，我国自欧盟进口猪肉产品占总进口量 比例为 50%左右 据海关总署数据，2024 年我国进口猪肉及副产品 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a strong revenue growth of 25% year-on-year in H1 2025, with Q2 revenue reaching 608 million, also up 21% year-on-year, aligning with market expectations [3] - The net profit for H1 2025 was 640 million, a 30% increase year-on-year, with a net profit margin maintained at a high level of 59.53% [4] - The company is expected to benefit from the rapid penetration of laser cutting applications, particularly in the steel structure and shipbuilding industries, leading to continued revenue growth [3] Summary by Sections Revenue Performance - H1 2025 revenue reached 1.103 billion, with Q2 contributing 608 million, reflecting a 25% and 21% year-on-year growth respectively [3] - Revenue from flat solutions was 677 million, while pipe solutions generated 237 million, both expected to continue their rapid growth [3] - The three-dimensional solutions segment achieved 34 million, nearing the total revenue of 37 million for the entire year of 2024, benefiting from increased penetration in heavy industries [3] Profitability - H1 2025 net profit was 640 million, with a year-on-year increase of 30%, and Q2 net profit was 385 million, up 29% [4] - The sales gross margin for H1 2025 was 78.83%, slightly down by 2.45 percentage points year-on-year, but Q2 saw a recovery with a gross margin of 79.71% [4] - The company maintained a high net profit margin, with a sales net profit margin of 59.53% [4] Future Outlook - The company anticipates continued revenue growth driven by overseas demand and recovery in the steel structure market, alongside the introduction of high-power and three-dimensional cutting solutions [3] - The potential market for intelligent welding control systems in China's steel structure industry is estimated at around 10.7 billion, indicating significant growth opportunities [5] - The company is also expanding its capabilities in precision processing and laser technology, further enhancing its competitive edge [5] Financial Projections - Revenue forecasts for 2025-2027 are set at 2.275 billion, 2.955 billion, and 3.776 billion, representing year-on-year growth rates of 31%, 30%, and 28% respectively [7] - Adjusted net profit forecasts for the same period are 1.141 billion, 1.474 billion, and 1.880 billion, with corresponding growth rates of 29% [7] - The earnings per share (EPS) for 2025-2027 are projected to be 3.96, 5.11, and 6.52 respectively, with a price-to-earnings (PE) ratio of 35, 27, and 21 times [7]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported strong resilience in Q2 performance, with AI and sewing intelligence opening up growth opportunities [2] - The company achieved revenue of 3.373 billion yuan in H1 2025, a year-on-year increase of 4%, with Q2 revenue at 1.580 billion yuan, down 2% year-on-year [3] - The domestic sales were weak, with a year-on-year decline of approximately 30-35% in the sewing equipment market, while the company’s domestic revenue decreased by 11%, outperforming the industry benchmark [3] - The overseas market saw a 20% increase in industrial sewing machine exports, with the company’s overseas revenue rising by 23% year-on-year [3] - The gross profit margin is on a rapid upward trend, with a sales gross margin of 34.07% in H1 2025, up 2.26 percentage points year-on-year [4] - The company is focusing on high-end AI sewing machines and humanoid robots, with plans to launch its high-end AI sewing machine in the second half of 2025 [5] - Revenue forecasts for 2025-2027 have been adjusted to 6.709 billion, 7.659 billion, and 9.041 billion yuan, respectively, with net profit forecasts adjusted to 972 million, 1.142 billion, and 1.392 billion yuan [6]

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Insights - The company achieved a revenue of 775 million yuan in the first half of 2025, representing a year-on-year increase of 33.97%, and reported a net profit of 16.95 million yuan, marking a turnaround from losses [2] - The overall gross margin for the first half of 2025 was 26.09%, an increase of 9.58 percentage points compared to the same period last year. The sales expense ratio decreased by 4.11 percentage points to 4.03%, while the management expense ratio fell by 2.64 percentage points to 6.54% [3] - The company is investing in embodied intelligence technology, providing integrated solutions for cultural venues and new tourism projects, including personalized humanoid robots and AR-enhanced AI glasses [4] - The government has encouraged the creation of new consumption scenarios, supporting the company in developing a "cultural experience + digital consumption" ecosystem, which has already shown promising results in visitor numbers and revenue generation [5] - The revenue forecasts for 2025-2027 have been adjusted to 16.46 billion yuan, 18.84 billion yuan, and 20.56 billion yuan, respectively, with net profit estimates revised to 1.19 billion yuan, 1.60 billion yuan, and 2.02 billion yuan [6][8]