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]

分析师 陈兴 SAC 证书编号：S0160523030002 chenxing@ctsec.com 联系人 马乐怡 maly@ctsec.com 相关报告 1. 《美国服务业或面临滞胀——全球经济 观察第 7 期》 2025-08-09 2. 《美国降息预期升温——全球经济观察 第 6 期》 2025-08-02 3. 《美国投资或转弱——全球经济观察第 5 期》 2025-07-27 4. 《美国消费仍具韧性——全球经济观察 第 4 期》 2025-07-19 5. 《美国低招聘、低裁员——全球经济观察 第 3 期》 2025-07-12 证券研究报告 宏观周报 / 2025.08.16 核心观点 ❖ 全球资产价格：全球长期国债收益率普遍上升。股市方面，本周全球主 要股市普遍上涨。美股三大指数来看，本周标普 500、道琼斯指数和纳斯达 克综指分别上涨 0.9%、1.7%和 0.8%，或受到通胀反弹不强、降息预期稳 固的提振。债市方面，10 年期美债收益率上行 6bp，或因密歇根消费者通胀 预期升温。商品方面，原油周内下跌，IEA 预测石油需求增速放缓。本周金价 走弱，为近两周以来新低。汇率方面，本周美元指数 ...

Economic Performance - July's economic performance reflects the resonance of weakened subsidies, tariff disruptions, and anti-involution policies, leading to compressed profits but maintained production intensity for cash flow purposes[4] - Industrial added value in July increased by 5.7% year-on-year, down from 6.8% in the previous month, indicating resilience in production despite tariff impacts[6] - Fixed asset investment in July decreased by 5.3% year-on-year, a significant drop of 5.2 percentage points, with manufacturing and real estate investments declining by 0.3% and 17.2% respectively[25] Policy and Market Dynamics - The Politburo meeting in July maintained a restrained demand policy while emphasizing the need for flexibility and foresight, suggesting potential future policy adjustments[4] - The subsidy for "old-for-new" consumer goods saw a decline in retail growth from 13.2% in June to 9.0% in July, indicating reduced consumer support for subsidized items[15] - Service sector production index grew by 5.8% year-on-year in July, contrasting with the weakening of goods consumption, suggesting a shift in consumer behavior[16] Investment and Consumption Trends - The production and sales rate of enterprises in July was 97.1%, the lowest in recent years, indicating a tightening in operational capacity[9] - The proportion of second-hand housing transactions in nine sample cities rose to 62.4%, up 6.4 percentage points year-on-year, reflecting a shift in the real estate market[29] - Manufacturing investment in July fell by 0.3%, a decline of 5.4 percentage points from the previous month, influenced by tariff uncertainties and anti-involution measures[28]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is experiencing continuous retail growth, with brand value becoming increasingly prominent. The retail segment is driving up average prices, while the engineering segment maintains stable volume and pricing [8][9] - The company is positioned in a recovering paint industry, with a focus on high-margin products and services, which is expected to enhance profitability [9] Financial Performance Summary - For 1H2025, the company reported revenue of 5.816 billion yuan, a year-on-year increase of 0.97%, and a net profit attributable to shareholders of 436 million yuan, up 107.53% year-on-year [9] - The company’s gross margin increased by 3.70 percentage points to 32.35% due to a 13% decrease in raw material costs and an increase in the proportion of high-margin home decoration paint [8][9] - The net profit margin rose by 3.85 percentage points to 7.49%, supported by cost reductions and improved pricing strategies [8][9] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 1.081 billion, 1.335 billion, and 1.591 billion yuan, respectively, with corresponding EPS of 1.47, 1.81, and 2.16 yuan [7][9] - The projected PE ratios for 2025-2027 are 30.99x, 25.10x, and 21.06x, respectively [9] Market Performance - The company’s stock has shown a significant performance compared to the market, with a 66% increase over the last 12 months, outperforming the Shanghai Composite Index and the construction materials sector [4][9]

Domestic Demand - New housing and passenger car sales growth has declined, while second-hand housing sales have rebounded[2] - In August, new housing sales saw a year-on-year decline of 8%, while second-hand housing sales volume increased, but prices fell[2] - Retail sales of home appliances in August showed a downward trend in year-on-year growth[2] External Demand - The extension of tariff exemptions between China and the U.S. for three months has led to a continued decline in shipping volumes from China to the U.S.[2] - Overall exports are weakening, with the China Containerized Freight Index (CCFI) showing a decrease in shipping rates and a significant drop in container throughput[2] Production - Manufacturing employment index has reached a historical low, with a year-on-year decline continuing[2] - Steel production has decreased due to maintenance and operational adjustments, while rebar prices have started to rise[2] Prices - Tariff exemptions have suppressed gold prices, while domestic rebar prices have increased, and cement and coal prices continue to rise[2] - The geopolitical situation and rising U.S. commercial crude oil inventories have put downward pressure on oil prices[2] Risks - Potential policy changes and economic recovery not meeting expectations pose risks to the forecasts[2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved total revenue of 716 million yuan in the first half of 2025, representing a year-on-year growth of 2.73%, and a net profit attributable to shareholders of 148 million yuan, up 3.30% year-on-year [7] - The gross margin for the automotive business increased to 33.62%, up 0.92 percentage points year-on-year, while both the selling expense ratio and management expense ratio decreased [7] - The company is accelerating the construction of its subsidiary in Thailand, aiming to enhance its international competitiveness [7] - The forecasted net profits for 2025-2027 are 355 million yuan, 458 million yuan, and 550 million yuan respectively, with corresponding PE ratios of 38.3, 29.6, and 24.7 [7] Financial Performance - Revenue projections for the company are as follows: 1,343 million yuan in 2023, 1,357 million yuan in 2024, 1,825 million yuan in 2025, 2,372 million yuan in 2026, and 2,983 million yuan in 2027, with a revenue growth rate of 22.4% in 2023 and 34.5% in 2025 [6][8] - The net profit attributable to shareholders is projected to grow from 264 million yuan in 2023 to 550 million yuan in 2027, with a net profit growth rate of 15.1% in 2023 and 22.9% in 2025 [6][8] - The company's EPS is expected to increase from 0.55 yuan in 2023 to 1.10 yuan in 2027 [6][8] Cost and Efficiency - The company's R&D expense ratio is 4.41%, which has increased by 0.43 percentage points year-on-year, indicating a commitment to enhancing research and development [7] - The selling expense ratio is 0.49%, down 0.05 percentage points year-on-year, and the management expense ratio is 8.43%, down 0.41 percentage points year-on-year [7] Market Performance - The company's stock has shown a performance of -16% over the last 12 months compared to the Shanghai Composite Index, which has increased by 17% [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is expected to benefit from differentiated new products contributing to revenue growth despite profit impacts from upfront expenses [5][7] - The company is a leader in the field of recombinant collagen and is anticipated to transition from a rapidly growing R&D-driven enterprise to an international biocomposite platform company [7] Financial Performance - For the first half of 2025, the company reported revenue of 859 million yuan, a year-on-year increase of 42.4%, and a net profit of 392 million yuan, up 26.6% [7] - The medical device segment achieved revenue of 708 million yuan (up 33.4%) with a gross margin of 95.0%, while functional skincare products saw revenue of 121 million yuan (up 152.4%) with a gross margin of 70.8% [7] - The company forecasts revenues of 2.24 billion yuan, 3.07 billion yuan, and 4.09 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.09 billion yuan, 1.51 billion yuan, and 2.05 billion yuan [6][7] Business Developments - The company received regulatory approval for its "recombinant type III humanized collagen gel" injection, marking it as the first of its kind in China targeting mid-face volume loss and contour defects [7] - Strategic collaboration with Yangshengtang aims to build a new ecosystem in the biocomposite materials industry, potentially expanding into orthopedic materials and other health sectors [7] Market Performance - The company's stock has shown a performance of -12% over the last 12 months compared to the Shanghai Composite Index [4]