Report Industry Investment Rating No relevant content provided. Core Views - In a high - valuation environment, some fixed - income investors have a "fear of high prices" due to their sensitivity to potential drawdowns. Institutions that have earned substantial returns from equity - linked assets in the first seven months of this year want to lock in profits while participating in the equity market [6]. - High - convexity convertible bonds can better leverage the "attack when the market rises, defend when the market falls" advantage. A quantitative strategy based on convertible bond convexity has achieved a 19.1% return in 2025 (monthly rebalancing, AA - and above ratings), outperforming the CSI Convertible Bond Index by 4.4% [8]. - The number of convertible bonds with the "attack - and - defend" feature is decreasing. High - gamma convertible bonds are becoming harder to find, and the crowding of the high - convexity strategy may be increasing [12]. - For fixed - income + investors seeking stable returns, high - convexity convertible bonds are a good choice. For investors who can tolerate some volatility, it's not advisable to exit easily. The long - term focus for bond selection is on the technology + AI sectors, and there are still some left - hand opportunities for undervalued leading stocks in related industries [15]. Summary by Directory 1. Which Convertible Bonds are "Attack - and - Defend"? - As of August 15, 2025, the convertible bond's 100 - yuan premium rate reached 29.21%, the highest since 2024 and in the 98% historical percentile since 2021. The median price of convertible bonds is around 132 yuan, and the market may continue to rise [6]. - The high - convexity strategy has shown significant excess returns in 2025. The latest positions of the strategy on August 15, 2025, are provided in the report [8][11]. 2. Market One - Week Performance - As of Friday's close, the Shanghai Composite Index closed at 3696.77, up 1.70% for the week, and the CSI Convertible Bond Index closed at 475.25, up 1.60% for the week. The top - three rising sectors in the stock market were communication (+7.11%), comprehensive finance (+7.07%), and non - bank finance (+6.57%), while banking (-3.22%), steel (-2.00%), and textile and apparel (-1.36%) declined [16]. - No new convertible bonds were listed this week. 357 convertible bonds rose, accounting for 78%. The top - five gainers and losers in terms of price changes and valuation changes are provided in the report [19]. 3. Important Shareholder Convertible Bond Reduction Situations - Companies that announced convertible bond reduction this week include Fuchun Dyeing & Weaving, Zhongbei Communication, Southeast Grid, Tianrun Dairy, and Lingyi Precision Manufacturing [26]. - A list of issuers with high convertible bond holding ratios by major shareholders and their reduction situations is provided [27]. 4. Convertible Bond Issuance Progress - Shenergy Co., Ltd. has a board proposal for a 20 - billion - yuan convertible bond issuance, and Awinic Technology Co., Ltd. has passed the shareholders' meeting for a 19.01 - billion - yuan issuance [28]. 5. Private EB Project Updates There were no progress updates on private EB projects this week [29]. 6. Style & Strategy: Small - Sized, Low - Rated, and Equity - Biased Bonds Outperform - This week, the small - sized, low - rated, and equity - biased style in the convertible bond market outperformed. As of the last trading day of the week, high - rated convertible bonds underperformed low - rated ones by 1.96 pct, large - sized bonds underperformed small - sized ones by 2.41 pct, and equity - biased bonds outperformed debt - biased ones by 5.74 pct [30]. 7. One - Week Convertible Bond Valuation Performance: Convertible Bond Valuations Reach New Highs - The 100 - yuan premium rate of the convertible bond market reached a new high. As of the last trading day of the week, it closed at 29.21%, up 0.84% from the previous week. The median full - caliber convertible bond conversion premium rate rose 0.58 pct to 28.93%, and the market - value - weighted conversion premium rate (excluding banks) decreased 0.93 pct to 46.16% [40]. - For equity - biased convertible bonds, the median conversion premium rate closed at 10.53%, up 0.97 pct from the previous week. For debt - biased convertible bonds, the median pure - debt premium rate closed at 11.76%, up 0.84 pct from the previous week [40]. - In terms of extreme pricing, as of the last trading day of the week, there were 2 convertible bonds below par value, 1 below the bond floor, and 5 with a YTM greater than 3%, with their quantities in the 12.5%, 17.3%, and 11.1% historical percentiles since 2016, respectively [43]. - The median YTM of bank convertible bonds was - 5.54%, 7.33 pct lower than the 3 - year AAA corporate bond yield. The median YTM of AA - to AA+ debt - biased convertible bonds was - 2.16%, 4.15 pct lower than the 3 - year AA corporate bond yield [43]. - The adjusted 100 - yuan premium rate increased, reaching high historical percentiles in the past six months and since 2018 [56].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown a significant increase in its performance, with a total revenue of 2.345 billion yuan in the first half of 2025, representing a year-on-year growth of 27.35%. The net profit attributable to shareholders reached 480 million yuan, up 24.29% year-on-year, while the non-recurring net profit surged by 64.12% to 475 million yuan [7] - The company is undergoing a comprehensive transformation towards AI+, focusing on creating a business model that integrates AI technology with its operations. This includes collaboration with ecosystem partners to develop smart inspection solutions [7] - The traditional business remains stable, and new ventures such as charging piles are expected to open a second growth curve for the company. Revenue projections for 2025-2027 are 4.962 billion, 6.158 billion, and 7.513 billion yuan, with net profits of 905 million, 1.177 billion, and 1.436 billion yuan respectively [7] Financial Performance - The company reported a revenue of 3.251 billion yuan for 2023, with a projected growth rate of 43.5%. By 2025, the revenue is expected to reach 4.962 billion yuan, with a growth rate of 26.2% [6][8] - The net profit for 2023 was 179 million yuan, with a projected increase to 905 million yuan by 2025, reflecting a growth rate of 41.2% [6][8] - The company's gross margin and net margin for the first half of 2025 were 54.42% and 19.38% respectively, indicating stable profitability [7] Business Model and Strategy - The company is leveraging AI technology as a core component of its business strategy, aiming to create a model that combines smart terminals and AI agents for continuous service revenue [7] - The AI+ inspection business is being developed in collaboration with partners, focusing on a comprehensive solution that integrates smart technology with industry-specific applications [7] Market Performance - The company's stock has shown a significant performance compared to the market, with a 12-month market performance of 143% against the CSI 300 index [4]

Core Insights - Chile's copper supply is tight, continuing to recommend opportunities in industrial metals [5][7] - The report maintains a positive investment rating for industrial metals [5] Industrial Metals - Copper: Supply constraints due to the suspension of Codelco's copper mine in Chile (350,000 tons), limited future increments post-resumption, and no hope for the Panama copper mine to resume this year. Tight raw material supply has led to reduced output and declining social inventory. Demand remains stable, with major traders reluctant to sell, creating a bullish market sentiment. The upcoming demand peak from September to November could significantly push copper prices higher if supply remains constrained. Recommended stocks include Zijin Mining, Luoyang Molybdenum, Jincheng Mining, Western Mining, Minmetals Resources, China Nonferrous Mining, and Zangge Mining [7]. - Aluminum: Slight increase in theoretical operating capacity and rising aluminum ingot inventory. Weekly aluminum rod production decreased, but real estate consumption sentiment in Beijing improved. In the medium to long term, alumina supply is expected to increase, potentially keeping prices low. Electrolytic aluminum inventory is at historical lows, providing price support as the peak season approaches. Recommended stocks include Yunnan Aluminum, Shenhuo, Nanshan Aluminum, Tianshan Aluminum, China Aluminum, China Hongqiao, Suotong Development, Huatong Cable, and Zhongfu Industrial [7]. Energy Metals - Rare Earths: Prices for praseodymium-neodymium oxide rose by 3.62% to 558,000 yuan/ton, and praseodymium-neodymium mixed metal prices increased by 2.65% to 678,000 yuan/ton. Supply remains tight, with some companies halting production due to raw material shortages. The upcoming peak season is expected to drive prices higher. Recommended stocks include China Rare Earth, Northern Rare Earth, Baotou Steel, Shenghe Resources, and Guangsheng Nonferrous [7]. - Lithium Carbonate: Domestic industrial-grade lithium carbonate price increased by 0.12% to 81,200 yuan/ton. The suspension of the Jiangxi mine since August 10 and other mines facing license reviews have led to low inventory levels, shifting the industry from surplus to tight balance. Recommended stocks include Zhongjin Lingnan, Tianqi Lithium, Ganfeng Lithium, Shengxin Lithium Energy, Rongjie, and Salt Lake Resources [7]. Precious Metals - Inflation recovery and interest rate cut expectations are under scrutiny, with market focus on the aftermath of US-Russia-Ukraine talks. CPI data was weak, but core CPI exceeded expectations, leading to a reduction in rate cut expectations for September. The lack of a ceasefire agreement after the US-Russia summit has heightened market caution. Long-term, risks from debt and slowing economic growth may pressure the dollar and US Treasuries, highlighting gold's value as a hedge. Recommended stocks with production growth and performance release include Shandong Gold, Zhaojin Mining, Zhongjin Gold, Shanjin International, Western Gold, Chifeng Gold, Tongguan Gold, and Wanguo Gold Group [7].

Core Viewpoints - The report maintains a positive outlook on the agriculture, forestry, animal husbandry, and fishery industry, with a focus on potential investment opportunities in the sector [1][3] - The market performance over the last 12 months shows a decline of 11% for the agriculture sector compared to a 4% decline in the CSI 300 index, indicating relative underperformance [2][10] Livestock Farming Data Tracking - Pig prices have been declining due to increased supply pressure, with the average price of live pigs at 13.74 CNY/kg as of August 14, reflecting a week-on-week decrease of 2.00% [6][29] - The number of breeding sows showed a slight increase in July, with a month-on-month growth of 0.28% [20] - Profitability for self-bred pigs remains positive at 28.85 CNY per head, while purchased piglets show a loss of 157.05 CNY per head [35] Poultry Farming Data Tracking - The average price of white feather broilers was 7.20 CNY/kg as of August 15, with a week-on-week increase of 0.84% [36][39] - The ongoing avian influenza outbreaks in Europe and the U.S. are expected to benefit the white feather chicken industry by stabilizing prices [36] Animal Health Data Tracking - The demand for animal health products is expected to rebound, with significant year-on-year growth in vaccine issuance for various diseases, including a 76% increase for circovirus vaccines in June [45] - The development of African swine fever vaccines is progressing, with clinical trials expected to enhance market interest in the sector [45] Seed Industry Data Tracking - The average prices for wheat, soybean meal, and corn as of August 15 are 2438 CNY/ton, 3097 CNY/ton, and 2394 CNY/ton, respectively, with soybean meal prices increasing by 2.7% week-on-week [48] - The USDA's August report indicates a decrease in global corn and soybean stocks for the 2025/26 season compared to the previous year, which may impact pricing and availability [49][51] Pet Industry Data Tracking - Pet food exports totaled 4.999 billion CNY in the first half of 2025, showing a year-on-year increase of 0.4% [53] - Domestic sales of pet food are growing rapidly, with a combined growth rate of 5% across major e-commerce platforms in July [56] - Companies with strong domestic sales growth and supply chain advantages are expected to enhance their market share [56]

Core Views - The report emphasizes a "leading bull" market driven by supply clearance, anti-involution, and state-owned enterprise restructuring, with PPI reaching a bottom in sectors like brokerage, non-ferrous metals, coal, and photovoltaic [4] - The report identifies a nearing inflection point for domestic production, particularly in the Hang Seng Technology and semiconductor chains, with a focus on potential CAPEX exceeding expectations from downstream major manufacturers [4] - Global economic expansion is highlighted, with new investments flowing overseas in sectors such as gaming, short dramas, and innovative pharmaceuticals, alongside stable performance in overseas computing power [4] Market Dynamics - The report indicates a strong expected performance in the current market cycle, with historical strong market conditions typically showing a turnover rate above 4%, and the current turnover rate positioned at this level [5][13] - It notes that the current financing balance relative to free float market value is still at a median level, suggesting that leveraged funds have room to grow, and financing transaction ratios have not yet peaked [5][14] - The report suggests that the recent inflow of funds, including foreign capital and financing, supports a sustained upward market momentum, with total A-share transaction volume reaching 2.3 trillion yuan [10][11] Investment Strategy - The report recommends focusing on sectors such as brokerage, non-ferrous metals, and coal, while also highlighting the initial performance of domestic computing power and the potential for CAPEX to exceed expectations during the earnings season [12] - It emphasizes the importance of monitoring market sentiment and transaction volume, particularly in the context of potential "fear of heights" among investors, suggesting that there is no need for excessive caution before a significant volume reduction occurs [7][10] - The report also points to the significance of external factors, such as the Jackson Hole meeting and potential shifts in Federal Reserve policy, as catalysts for market adjustments [5][28]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - This week's main concerns include a significant rebound in Beijing's new and second - hand housing sales due to the new property market policies, a slight decline in rebar and cement prices as anti - involution cools down, stronger travel momentum during the summer with subway rides and domestic flights outperforming seasonality, and a sharp increase in vegetable prices due to extreme weather [2]. - New home sales continued to weaken this week, while second - hand home sales rebounded. New home transaction areas in first - and second - tier cities were significantly weaker than the same period last year, while second - hand home sales areas in key cities increased month - on - month and were stronger than last year. Beijing's new and second - hand housing sales showed a significant rebound [2]. - In terms of investment and production, most commodity prices declined. Rebar prices decreased slightly, glass futures prices rose significantly, cement price index decreased slightly, and asphalt prices decreased slightly [2]. - In industrial production, the performance of operating rates was divided. The operating rates of petroleum asphalt, automobile tires, and coking enterprises increased, while the operating rate of steel mills' blast furnaces decreased slightly, and the operating rates of polyester filament and PTA decreased [2]. - In terms of consumption, travel momentum was strong. Subway rides and domestic flights outperformed seasonality, while automobile consumption and movie box office were in line with seasonality [2]. - In terms of inflation, pork prices decreased, vegetable prices increased significantly, and oil prices decreased [2]. - In terms of exports, SCFI and BDI declined this week, and the market supply - demand fundamentals were slightly weak, with the shipping market continuing to adjust [2]. Group 3: Summaries According to Related Catalogs 1. Real Estate Sales - New home sales in first - and second - tier cities weakened. From August 8th to August 14th, new home transactions showed a mixed performance month - on - month and a significant decline year - on - year. New home transaction areas in first - and second - tier cities were much weaker than last year, while those in third - tier cities were much stronger than the previous period and last year. Wind's 20 - city transaction area increased 2.83% month - on - month and decreased 12.96% year - on - year [7]. - Second - hand home sales increased both month - on - month and year - on - year. In key cities, the transaction areas increased month - on - month and were higher than the same period last year, with Hangzhou showing a significant 15% increase [27]. 2. Investment - Most commodity prices declined. Cement, asphalt, and rebar prices decreased slightly, while glass futures prices increased significantly [37]. 3. Production - Operating rates showed a divided performance. The operating rates of petroleum asphalt, automobile tires, and coking enterprises increased, while the operating rate of steel mills' blast furnaces decreased slightly, and the operating rates of polyester filament and PTA decreased [43]. 4. Consumption - Travel momentum was strong. Subway rides and domestic flights outperformed seasonality, while automobile consumption and movie box office were in line with seasonality [52]. 5. Exports - SCFI index declined, and BDI index and CRB spot index decreased slightly [58]. 6. Prices - Pork prices decreased, vegetable prices increased significantly, oil prices decreased slightly, and rebar prices decreased slightly [64].

Core Insights - The report highlights that the market indices have shown positive performance, with the Shanghai Composite Index rising by 1.70% and the Shenzhen Component Index increasing by 4.55% as of August 15, 2025, marking a new high since 2022 [5][8] - The report emphasizes the construction of an AI-based low-frequency index enhancement strategy using deep learning frameworks, which has resulted in significant outperformance of enhanced index portfolios compared to their respective benchmarks [5][13] Market Index Performance - As of August 15, 2025, the Shanghai Composite Index increased by 1.70%, the Shenzhen Component Index by 4.55%, and the CSI 300 Index by 2.37%, with the Shanghai Composite Index reaching a new high since 2022 [5][9] - Year-to-date performance shows the CSI 300 Index up by 6.8%, while the CSI 300 enhanced portfolio has risen by 17.1%, yielding an excess return of 10.3% [5][17] - The CSI 500 Index has increased by 14.7% year-to-date, with its enhanced portfolio up by 21.6%, resulting in an excess return of 6.9% [5][22] - The CSI 1000 Index has seen a year-to-date increase of 19.5%, with its enhanced portfolio rising by 29.4%, leading to an excess return of 9.9% [5][29] Enhanced Portfolio Performance - The report details the performance of the CSI 300 enhanced portfolio, which has achieved a return of 17.1% year-to-date compared to the CSI 300's 6.8% [17][18] - The CSI 500 enhanced portfolio has delivered a year-to-date return of 21.6%, outperforming the CSI 500's 14.7% [22][23] - The CSI 1000 enhanced portfolio has recorded a year-to-date return of 29.4%, significantly higher than the CSI 1000's 19.5% [29][30] Sector Performance - The report notes that the telecommunications, electronics, and non-bank financial sectors performed well this week, with weekly returns of 7.66%, 7.02%, and 6.48% respectively [9][10] - Conversely, the banking, steel, and textile sectors underperformed, with weekly returns of -3.19%, -2.04%, and -1.37% respectively [9][10]

1. Report Industry Investment Rating The document does not provide the industry investment rating. 2. Core Views of the Report - The central bank's operations in August are more optimistic than in June. In terms of timing, the purchase - style reverse repurchase was timely, and there was better coordination with fiscal policies. In terms of quantity, the net purchase - style reverse repurchase in August was more than in June, and there was no withdrawal of 6 - month liquidity. The net injection during the tax period was also higher than in June. The funds' central price has declined compared to June [3][16]. - Looking forward, considering the historical low of credit in July, the negative month - on - month growth of social retail and investment in July, the downward trend of bill rates, and the continuous increase in government bond issuance, the central bank will maintain a suitable financial environment, and liquidity can remain optimistic. There is no need to worry about "preventing idle capital circulation" as the central bank focuses on standardizing bank loans rather than raising capital rates [3][21]. - For certificates of deposit (CDs), the net financing of state - owned banks' CDs turned negative again last week. Under the central bank's support, the supply side is not a constraint. The secondary - market trading volume has continued to shrink, and yields have fluctuated within a narrow range. Institutions mostly adopt a configuration strategy. The supply - side pressure is relatively limited, and considering the low - level funds, the configuration value of CDs above 1.65% is not low. CDs may perform well when risk appetite declines and interest rates return to the fundamental logic [23]. 3. Summaries According to the Table of Contents 3.1 Keep an Optimistic Judgment on Funds - Last week, except for the last trading day, the weighted DR001 funds price remained at 1.31%, and state - owned banks' net lending remained high. The bond market adjusted, non - banks reduced leverage, and the overall stratification was at a low level [9]. - There are two key points to note in the past week: First, during the monetary - fiscal coordination period, the central bank maintains relatively stable liquidity, and more optimistic capital conditions are more likely to occur during the initial issuance of long - term bonds. Second, the marginal tightening of funds on August 15 was a normal tax - period fluctuation. Medium - and long - term funds remained stable and loose, and based on the fundamentals and the central bank's operating style, one can remain optimistic about funds [15][16]. 3.2 Weekly Funds and CDs Tracking and Key Point Reminders - This week (August 11 - 15), the central bank's OMO had a net withdrawal of 4149 billion yuan, with 7 - day OMO funds of 7118 billion yuan issued and 11267 billion yuan withdrawn. There was a 5000 - billion - yuan 6 - month purchase - style reverse repurchase operation. The government bond had a net financing of 2069 billion yuan, with a cumulative net financing of 97439 billion yuan and a net financing progress of 70.3%, and a net payment of 4344 billion yuan. Large banks' bill - buying efforts remained strong, and bill rates generally declined. The RMB was stable against the US dollar, and the central bank's counter - cyclical regulation demand was stable. In terms of funds, state - owned banks' lending ability was strong, and the leverage of some institutions changed [29]. - Next week (August 18 - 22), short - term funds of 7118 billion yuan will mature, and there will be 9000 - billion - yuan purchase - style reverse repurchase and 3000 - billion - yuan MLF maturities. The government bond's net financing will be 4979 billion yuan, with a cumulative net financing of 102418 billion yuan and a net financing progress of 73.9%, and a net payment of 2641 billion yuan. Attention should be paid to the central bank's support during the initial issuance of long - term government bonds on August 22 [29][30]. 3.3 Central Bank: 6 - Month Purchase - Style Reverse Repurchase Operation Implemented - This week, the central bank had a net withdrawal of short - term funds and carried out a 5000 - billion - yuan 6 - month purchase - style reverse repurchase operation. The OMO had a net withdrawal of 4149 billion yuan, with 7 - day OMO funds of 7118 billion yuan issued and 11267 billion yuan withdrawn. As of August 15, the reverse repurchase balance was 7118 billion yuan, down 4149 billion yuan from August 8, still higher than the seasonal level [32]. - Next week, 7118 billion yuan of short - term funds will mature, and there will be 9000 - billion - yuan purchase - style reverse repurchase and 3000 - billion - yuan MLF maturities in August [34]. 3.4 Government Bonds: Net Payment Declined to 264.1 Billion Yuan - This week, the government bond's net financing was 206.9 billion yuan, with a cumulative net financing of 9743.9 billion yuan and a net financing progress of 70.3%, and a net payment of 434.4 billion yuan. Next week, the net financing will be 497.9 billion yuan, with a cumulative net financing of 10241.8 billion yuan and a net financing progress of 73.9%, still at a seasonal high, and a net payment of 264.1 billion yuan [37]. - Structurally, the issuance of new special bonds has accelerated. The net financing progress of national bonds is 72.0% (higher than the historical average), and the issuance progress of new local government general bonds, new local government special bonds, and special refinancing bonds are 73.0% (lower than the historical average), 69.0% (lower than the historical average), and 97.3% respectively [39]. 3.5 Bills: Large Banks' Bill - Buying Efforts Remained Strong, and Rates Generally Declined - This week, large banks' bill - buying efforts remained strong, and bill rates generally declined. As of August 15, the 3 - month and 6 - month national - share direct and transfer bill rates were 1.13%, 1.00%, 0.70%, and 0.68% respectively, down 11BP, 12BP, 7BP, and 7BP from August 8 [47][48]. 3.6 Exchange Rates: Stable During the Statistical Period, with the RMB Spot Exchange Rate at 7.18 - This week, the RMB was stable against the US dollar, with the USDCNH/USDCNY swap points around 1600/1700 points. The carry - trade strategy for short - term bonds by foreign investors has limited value. The central bank's counter - cyclical regulation demand was stable, with the central parity rate of the US dollar against the RMB dropping to 7.14 and the depreciation upper limit around 7.28, and the counter - cyclical factor narrowing to around 314.68 pip [50][52]. 3.7 Market Funds Supply and Demand: State - Owned Banks' Lending Continued to Increase - The central bank's second - round purchase - style reverse repurchase operation strengthened state - owned banks' lending ability. The bond market adjusted, money market funds increased lending, and non - banks reduced borrowing. The average daily lending of the banking system was 4.28 trillion yuan, and that of national - share banks increased to 5.10 trillion yuan. The average daily lending of state - owned banks recovered to 5.14 trillion yuan, while that of joint - stock banks decreased to - 0.04 trillion yuan [55]. - The average daily lending of (money market funds + wealth management subsidiaries) increased to 1.21 trillion yuan. Major non - bank institutions reduced borrowing. The leverage ratios of the inter - bank market, commercial banks, and insurance companies increased, while those of broad - based funds and securities companies decreased [59][63]. - In terms of funds prices, the increase in the R series > the DR series > the Shibor series > the GC series, indicating tight funds for banks and non - banks and relatively stable funds for money market funds. The term stratification narrowed, and the institutional stratification was basically flat, showing a mitigation of market stratification [69]. 3.8 CDs: Net Financing Turned Negative, and the Buying Efforts of Money Market Funds and Joint - Stock Banks Increased 3.8.1 Primary Issuance Market: The Success Rate of Fund - Raising Improved, and the Overall Net Financing of CDs Turned Negative - This week, the net financing of CDs was - 131.1 billion yuan, and the average issuance rate increased by about 1BP. In the next three weeks, 794.72 billion yuan, 751.78 billion yuan, and 330.05 billion yuan of CDs will mature respectively. This week, the issuance scale of national - share banks increased, but the net financing turned negative. The weighted issuance duration of CDs increased, and the success rate of long - term CD fund - raising improved [72][75]. - In terms of different terms, the weighted issuance duration of CDs increased to 8.12 months. The issuance proportion of 9 - month and 12 - month CDs increased significantly, and the success rate of fund - raising for most terms improved. The issuance rates of CDs of all terms decreased to varying degrees, with a larger decline in short - term national - share banks [78][83]. 3.8.2 Secondary Trading Market: Trading Activity Declined, and the Buying Efforts of Money Market Funds Increased Significantly - In terms of quantity, the trading activity of CDs continued to decline this week, and the yields increased. Joint - stock banks, money market funds, and other non - non - bank institutions had strong buying, while other institutions mostly bought at a steady pace. The 1 - year AAA CD yield reached 1.6400% [85][87].

分析师 张伟 SAC 证书编号：S0160525060002 zhangwei04@ctsec.com 相关报告 证券研究报告 宏观点评 / 2025.08.16 核心观点 请阅读最后一页的重要声明！ 货币政策再平衡 ❖ 事件：2025 年 8 月 15 日，央行发布 2025 年第二季度货币政策执行报告。 ❖ 本次货政报告最大的变化是央行提出的"把握好金融支持实体经济和保持自 身健康性的平衡"。 ❖ 这代表了货币政策下阶段的重心将更多地向"保护金融系统健康"上倾斜，而 对信用总量扩张的关注或将有所下降。 ❖ 央行从"信贷规模"到"金融健康"的再平衡，既有实体经济资本开支意愿下 降的原因，也有银行经营压力持续加大的原因。 ❖ 央行对银行系统安全性的呵护，意味着对利率的下限存在更高的要求，触发 降息的条件可能也会更加苛刻。 ❖ 风险提示：经济环境存在不确定性；美联储操作对货币政策存在影响；汇率 可能会影响央行决策。 宏观点评/证券研究报告 图表目录 | 图 1： | 7 月，企业中长贷负增长，显著低于往年同期 4 | | --- | --- | | 图 2： | 7 月，制造业投资当月同比增速转负，大幅下滑 4 ...

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The company has turned profitable in Q2 2025, with significant growth in new business areas [6] - The core driver of performance improvement is attributed to the active adjustment of product structure and the continuous release of high-value-added new products in emerging fields [6] - The company is expected to achieve revenue of 838 million yuan in 2025, with a net profit of 18 million yuan, reflecting a strong growth trajectory [5][6] Financial Performance Summary - In 1H2025, the company reported revenue of 283 million yuan, a year-on-year decrease of 6.99%, but a reduction in net loss by 16.92% [6] - The revenue from motor drive control chips in 1H2025 reached 15.61 million yuan, a year-on-year increase of over 245% [6] - The DC-DC chip business saw a revenue increase of over 47% in 1H2025, gaining recognition from leading clients in various sectors [6] Revenue and Profit Forecast - The projected revenues for 2025, 2026, and 2027 are 838 million yuan, 965 million yuan, and 1.132 billion yuan respectively [5][6] - The expected net profits for the same years are 18 million yuan, 38 million yuan, and 61 million yuan respectively [5][6] - The company is anticipated to maintain a PE ratio of 150.5 in 2025, decreasing to 43.9 by 2027 [5][6]