- The report tracks the performance of broad-based indices, highlighting that all indices rose on September 24, 2025, with the highest daily gains seen in the ChiNext Index (2.28%) and CSI 500 (1.99%) [12][13][16] - The ChiNext Index showed the largest year-to-date increase (48.75%), followed by CSI 2000 (33.08%) and CSI 500 (27.91%), while the SSE 50 had the smallest gain (9.49%) [12][13] - All tracked indices surpassed their 5-day moving averages, with CSI 1000, CSI 2000, and CSI All Share Index breaking above their 10-day moving averages. CSI 2000 also exceeded its 20-day moving average, while SSE 50 remained below its 10-day and 20-day moving averages despite three consecutive days of gains [16] - The turnover rate of indices on September 24, 2025, was led by CSI 2000 (3.93), followed by ChiNext Index (3.7), CSI 1000 (2.88), CSI 500 (2.12), CSI All Share Index (1.86), CSI 300 (0.67), and SSE 50 (0.3) [18][19] - The ChiNext Index exhibited the highest kurtosis and positive skewness, indicating concentrated returns and increased extreme positive returns, while CSI 2000 showed the lowest values for both metrics [25][26] - Risk premium analysis revealed that CSI 500 (96.67%) and ChiNext Index (91.19%) had the highest 5-year percentile values, while CSI 2000 (84.29%) and SSE 50 (79.37%) were relatively lower [30][32] - PE-TTM values showed CSI 500 (100.0%) and CSI All Share Index (98.02%) at high 5-year percentiles, while SSE 50 (82.48%) and ChiNext Index (60.83%) were lower. CSI 500 reached its historical peak for both 1-year and 5-year percentiles [44][45] - Dividend yield analysis indicated that ChiNext Index (63.31%) and CSI 1000 (39.92%) were at high 5-year percentiles, while CSI 500 (13.97%) and CSI 2000 (13.06%) were at lower percentiles [48][54][55] - Current net-breaking rates showed SSE 50 (24.0%) leading, followed by CSI 300 (16.33%), CSI 500 (11.6%), CSI 1000 (7.6%), CSI 2000 (3.5%), ChiNext Index (1.0%), and CSI All Share Index (6.27%) [56]

Investment Rating - The industry rating is "Overweight" (maintained) [5] Core Insights - The collaboration between Maiwei Biotech, Yingsi Intelligent, and Haoyuan Pharmaceutical aims to create a novel ADC (Antibody-Drug Conjugate) compound library covering hundreds of targets, accelerating the industrialization of next-generation ADC drugs, which are considered a promising direction in cancer treatment [5][6] - This partnership highlights a shift in China's pharmaceutical innovation model from a singular "independent R&D" approach to a more collaborative ecosystem that integrates strategic alliances and shared research platforms, which helps mitigate early-stage R&D risks and optimizes resource allocation [7] Summary by Sections Recent Industry Performance - Over the past 12 months, the industry has shown a relative return of 5.97% compared to the CSI 300 index, with an absolute return of 42.2% [3] Investment Highlights - The collaboration combines strengths from various fields: Maiwei Biotech's experience in antibody drug development, Yingsi Intelligent's AI technology for target discovery and molecular design, and Haoyuan Pharmaceutical's expertise in high-end chemical raw materials [7] - The ADC drugs are positioned in a rapidly growing global market, with the collaboration aiming to systematically lay out core resources for future ADC drug development [7] - The report suggests monitoring the capital market movements of the collaborating companies, as their progress may act as a catalyst for stock price changes [7] Recommendations - The report recommends focusing on the entire ADC industry chain, including upstream CXO companies with advanced toxin-Linker technology, midstream innovative pharmaceutical companies with leading ADC platforms, and downstream large pharmaceutical companies with strong commercialization capabilities in oncology [7] - Specific companies to watch include Maiwei Biotech, Haoyuan Pharmaceutical, Rongchang Biotech, WuXi AppTec, Kailaiying, Nanfeng Technology, and Dongfulong [7]

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Views - The recent optimization of the national drug procurement rules marks a significant improvement in the industry ecosystem, with a focus on balancing supply assurance and industry health development [5][6] - The new procurement rules include a comprehensive evaluation mechanism, a "revival" mechanism for non-selected companies, and increased qualification requirements for bidding enterprises, which collectively enhance the quality and stability of drug supply [5][6] - The report emphasizes the importance of quality control and innovation in the pharmaceutical industry, suggesting that companies with strong quality management systems and innovative capabilities will be better positioned in the new procurement environment [6] Summary by Sections Recent Industry Performance - Over the past 12 months, the industry has shown an absolute return of 46.85% and a relative return of 6.21% compared to the CSI 300 index [3] Investment Highlights - The new procurement rules will significantly improve the matching of drug supply with clinical demand, ensuring continuity and stability in clinical medication [6] - The introduction of a "revival" mechanism reduces the risk of quality enterprises being unexpectedly eliminated from the procurement process [6] - Enhanced quality supervision requirements favor leading companies with stable production processes and strict quality control, promoting overall industry quality improvement [6] - The report advises focusing on leading companies with quality control advantages, those capable of producing pediatric medications, and R&D-driven innovative pharmaceutical companies [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - From January to August, Heilongjiang's tourism market was strong, with significant growth in tourist arrivals and consumption. The province's tourism promotion and the Russia visa - free policy will further boost the sector. The ice and snow economy development and green energy progress also contribute to economic sustainability [3][8][9]. - In September, the Heilongjiang stock index adjusted, and listed companies' performance was mixed. However, short - term adjustments may lay the foundation for future market strength, and market fluctuations are normal during the upcoming quarterly report disclosure period [3][24]. - Affected by factors like US interest rate cuts and overseas political uncertainties, the equity market and precious metals are expected to perform well [12]. - In the long - term, the market is expected to rise due to China's economic improvement and warming Sino - US relations [19]. 3. Summary According to Relevant Catalogs 3.1 Heilongjiang Current Affairs Tracking - January - August tourism: Heilongjiang received 184 million tourists, a 11.9% y/y increase, with a total spending of 250.18 billion yuan, up 21.2% y/y. Inbound tourists were 1.107 million, spending 12.13 billion yuan, up 54.9% and 61.7% respectively. The Russia visa - free policy on September 15 increased Russian tourist arrivals [3][8]. - Ice and snow events: From 2025 to 2026, Heilongjiang plans over 300 ice and snow events, including local and international competitions, to promote the ice and snow economy [9]. - Green energy: Daqing Oilfield's new - energy power generation exceeded 2 billion kWh, equivalent to the annual electricity consumption of 1.07 million households in Daqing. It also reduced coal consumption and improved operational efficiency [10]. 3.2 Financial Market Data Tracking - Asset performance: Since September, equities and precious metals like gold and silver have performed well. US interest rate cuts and other factors are favorable for the equity market, and precious metals remain popular as safe - havens [11][12]. - Industry index: As of September 19, only the power equipment sector rose significantly (11.28%), while defense, non - bank finance, and others adjusted. From September 15 - 19, most industries adjusted, but some like coal and power equipment performed well [15][18]. - Regional and listed companies: By September 19, the Heilongjiang index fell 2.23% this month. Among listed companies, Senying Window Industry had the largest increase (14.21%), while Aerospace Science and Technology had the largest decline (20.33%) [20][24]. 3.3 Domestic Macroeconomic Data - CPI: In August, China's CPI was down 0.4% y/y, flat m/m. Core CPI rose 0.9% y/y, with the increase expanding for the fourth consecutive month due to consumption - promotion policies [3][27]. - PPI: In August, PPI was down 2.9% y/y, with the decline narrowing by 0.7 pct from July. It was flat m/m, ending eight months of decline, thanks to market optimization, new growth drivers, and increased consumption demand [29][30]. - Industrial added value: In August, the value - added of large - scale industries rose 5.2% y/y and 0.37% m/m. From January to August, it rose 6.2% y/y. Equipment and high - tech manufacturing performed well, and emerging product output grew rapidly [31][33]. 3.4 Heilongjiang Economic Data - CPI: In August, Heilongjiang's CPI was down 0.4% y/y but up 0.1% m/m. Its y/y change was above - average among provinces and higher than Jilin and Liaoning [34]. - Price categories: In August, the eight major categories of consumer prices in Heilongjiang showed a "five - up, three - down" pattern y/y, and a mixed performance m/m [38].

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [40]. Core Insights - The tourism market in Heilongjiang Province showed strong performance from January to August 2025, with a total of 184 million visitors, a year-on-year increase of 11.9%, and total spending of 250.18 billion yuan, up 21.2% [3][8]. - The implementation of the visa-free policy for Russian tourists on September 15 has led to a significant increase in visitors from Russia, with over 145,000 tourists received in the first half of the year, marking a 37.4% year-on-year growth [3][8]. - The Heilongjiang sector index has been adjusting since September, with a decline of 2.23% as of September 19, 2025, indicating a notable market correction following previous gains [3][20]. - The report highlights that only 12 companies in Heilongjiang achieved positive returns during the statistical period, with 10 companies experiencing declines exceeding 5% [24]. Summary by Sections 1. Regional and Listed Company Performance - The Heilongjiang sector index fell by 2.23% in September, with a further decline of 1.43% from September 15 to September 19 [20]. - Among listed companies, Senying Windows saw the highest increase of 14.21%, while Aerospace Science and Technology faced the largest drop at 20.33% [24][25]. 2. Domestic Macroeconomic Data - In August, China's CPI decreased by 0.4% year-on-year, while the core CPI rose by 0.9%, indicating a steady consumption market [27][29]. - The PPI also showed a year-on-year decline of 2.9%, but the rate of decline has narrowed, suggesting improvements in market competition and new growth drivers [29][30]. 3. Heilongjiang Province Economic Data - Heilongjiang's CPI in August was -0.4% year-on-year, but it increased by 0.1% month-on-month, indicating a mixed price trend [34][38]. - The province plans to host over 300 winter sports events during the 2025-2026 season, aiming to boost the local economy through tourism and sports [9].

证券研究报告·行业点评报告 2025 年 9 月 23 日 江海证券研究发展部 执业证书编号：S1410524040001 自动化设备行业 机械军工行业研究组 分析师：张诗瑶 国内头部人形企业持续释放利好，特斯 拉发布 Optimus 3 新进展 事件： 行业评级：增持（维持） 9 月 21 日，上海 2025 浦江创新论坛发布《ITU 具身智能机器人标准化展望》、 《人形机器人数据集标准》及"浦江 X"具身智能标准化数据集平台"穹顶 DOME"。新标准聚焦人形机器人数据采集、标注、共享与安全规范，为产业 链提供统一接口与质量基准。"浦江 X"平台首期开放超 5 万条多模态数据，覆 盖工业、服务、医疗三大场景，支持在线调用与标注，助力具身智能技术快速 迭代与商业化落地。 投资要点： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 注：2025 年 9 月 22 日数据 相关研究报告 1. 江海证券-行业点评报告-自动化设 ...

- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and price-to-book ratios [1][2][3] - The turnover rates for various indices on September 22, 2025, were as follows: CSI 2000 (3.89), ChiNext Index (2.95), CSI 1000 (2.79), CSI 500 (2.05), CSI All Share (1.8), CSI 300 (0.6), and SSE 50 (0.28) [16] - The daily return distribution analysis highlights that the ChiNext Index exhibited the highest kurtosis and positive skewness, indicating a more concentrated distribution and a higher likelihood of extreme positive returns, while the SSE 50 showed the lowest kurtosis and positive skewness [22][23] - Risk premium analysis, using the 10-year government bond yield as the risk-free rate, revealed that the CSI 500 (76.11%) and SSE 50 (70.56%) had the highest 5-year percentile values, while the ChiNext Index (65.24%) and CSI 2000 (57.7%) were relatively lower [27][29] - The PE-TTM analysis showed that the CSI 500 (99.92%) and CSI All Share (96.78%) had the highest 5-year percentile values, suggesting elevated valuations, while the SSE 50 (81.49%) and ChiNext Index (59.75%) were comparatively lower [37][40][41] - Dividend yield analysis indicated that the ChiNext Index (65.04%) and CSI 1000 (41.07%) were at higher 5-year historical percentiles, whereas the CSI 500 (14.3%) and CSI 2000 (12.31%) were at lower percentiles [45][50][51] - The current price-to-book ratios showed that the SSE 50 had the highest proportion of stocks trading below book value (24.0%), followed by CSI 300 (17.0%), CSI 500 (11.8%), CSI 1000 (7.8%), CSI 2000 (3.5%), ChiNext Index (1.0%), and CSI All Share (6.37%) [52]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The ice and snow economy is rapidly emerging as a significant new economic sector, transitioning from a niche market focused on ice and snow sports to a large industrial system encompassing ice and snow tourism, equipment manufacturing, and cultural activities. This sector is expected to reach a scale of over 1 trillion yuan by 2025, driven by rising consumer demand and strong policy support [12][14][35]. Summary by Sections 1. Ice and Snow Economy Overview - The ice and snow industry encompasses a complete ecosystem from resource development and equipment manufacturing to service operations and consumer activities, indicating a robust industrial chain [13]. - The market size of China's ice and snow industry reached 980 billion yuan in 2024, with a year-on-year growth of 10.8%, and is projected to exceed 1 trillion yuan in 2025 [14]. 2. Growth Drivers of the Ice and Snow Economy - Government policies and major events are key drivers of growth, with the State Council aiming for the ice and snow economy to reach 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030 [35]. - The hosting of major events like the Winter Olympics has significantly boosted public interest and participation in ice and snow sports, enhancing the overall industry [40][41]. 3. Case Study: Harbin's Ice and Snow Tourism - Harbin has emerged as a top destination for ice and snow tourism, receiving 1.79 billion visitors in 2024, with total tourism revenue reaching 231.42 billion yuan, marking significant year-on-year growth [51]. - The local government has implemented various policies to support the ice and snow economy, aiming for the total output value of the ice and snow industry in Heilongjiang to exceed 300 billion yuan by 2025 [55]. 4. Investment Recommendations - The report suggests focusing on companies across the entire ice and snow industry chain, including upstream equipment manufacturers, midstream service providers, and downstream consumer platforms, as the sector is expected to see substantial growth opportunities [6][4].

The provided content does not contain any specific quantitative models or factors, nor does it detail their construction, evaluation, or backtesting results. The report primarily focuses on descriptive statistics and market analysis of broad-based indices in the A-share market, including metrics such as risk premium, PE-TTM, dividend yield, and turnover rates. Below is a summary of the key points extracted from the content: Quantitative Analysis and Metrics - **Market Performance**: The report tracks the performance of broad-based indices such as the CSI 300, CSI 500, CSI 1000, and others, analyzing daily, weekly, monthly, and yearly returns[1][10][12] - **Moving Averages**: All indices have fallen below their 5-day moving averages, with the ChiNext Index showing the most significant distance from its moving average support levels[15][17] - **Turnover Rates**: The CSI 2000 has the highest turnover rate (4.56), while the CSI 1000 and ChiNext Index follow with 3.06 and 3.28, respectively[19][20] - **Risk Premium**: The CSI 300 and ChiNext Index exhibit high 5-year percentile risk premiums (54.52% and 47.62%), while the CSI 1000 and CSI 2000 show lower values (31.11% and 24.21%)[31][32][33] - **PE-TTM**: The CSI 500 and CSI All Share Index have the highest 5-year PE-TTM percentiles (99.75% and 96.61%), while the ChiNext Index has a relatively lower percentile (59.5%)[43][45][46] - **Dividend Yield**: The ChiNext Index and CSI 1000 have the highest 5-year dividend yield percentiles (66.03% and 44.46%), while the CSI 500 and CSI 2000 have the lowest (14.88% and 13.14%)[55][56] - **Break-even Rates**: The ChiNext Index has the lowest break-even rate (1.0%), while the CSI 2000 and CSI 1000 follow with 3.35% and 7.4%, respectively[57] Observations on Statistical Distributions - **Kurtosis and Skewness**: The ChiNext Index has the highest kurtosis and skewness, indicating a higher concentration of returns and a greater likelihood of extreme positive returns. Conversely, the CSI 2000 has the lowest values, suggesting a more dispersed return distribution[26][27] Risk Premium Analysis - **Volatility Trends**: The risk premium of indices like the CSI 1000 and CSI 2000 shows significant volatility, with notable spikes in September 2024 and April 2025 due to external events[30][31] - **Distribution Characteristics**: The CSI 1000, CSI 2000, and ChiNext Index exhibit more dispersed risk premium distributions, indicating higher uncertainty compared to indices like the SSE 50 and CSI 300, which have more concentrated distributions[36][37] PE-TTM and Valuation - **Historical Trends**: The PE-TTM values of most indices have shown a sharp increase since September 2024, with the CSI 500 and CSI All Share Index reaching the highest valuation levels relative to their historical ranges[41][43][45] - **Investment Implications**: The report highlights that no indices currently exceed their 80% valuation opportunity threshold, with the CSI 500 falling below its 20% danger threshold[48] Dividend Yield Analysis - **Historical Context**: The ChiNext Index and CSI 1000 have the highest historical dividend yield percentiles, suggesting their attractiveness in terms of cash flow returns. In contrast, the CSI 500 and CSI 2000 have the lowest percentiles, indicating less favorable dividend yields[55][56] Break-even Rates - **Current Levels**: The ChiNext Index has the lowest break-even rate, reflecting a more optimistic market valuation, while the CSI 2000 and CSI 1000 have slightly higher rates, indicating relatively lower market confidence[57] This report does not include specific quantitative models or factors, nor does it provide detailed construction methodologies, formulas, or backtesting results. Instead, it focuses on descriptive metrics and their implications for market analysis.

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Views - The company is a leading player in the domestic high-end machine tool core component manufacturing sector, with strong R&D capabilities and a robust product lineup [1][2]. - The company has expanded its business into high-end equipment sectors such as CNC machine tools, robotics, and new energy vehicles, leveraging its technological strengths and market insights [2][18]. - The demand from end markets, particularly in consumer electronics and AI infrastructure, is driving the company's revenue growth, with significant year-on-year increases in both revenue and net profit [3][6]. - The burgeoning humanoid robotics market presents a new growth opportunity for the company, with projections indicating substantial market expansion in the coming years [4][6]. Summary by Sections 1. Company Overview - The company, established in 2006, is one of the largest manufacturers in the spindle sector, having successfully listed on the Growth Enterprise Market in 2016 [1][13]. - It has developed a comprehensive R&D system, recognized as a "National Enterprise Technology Center" and has received numerous awards for its innovative products [1][14]. 2. Market Demand and Performance - The company has seen a recovery in revenue, achieving 1.307 billion yuan in 2024 and 703 million yuan in the first half of 2025, representing year-on-year growth of 30.63% and 14.21%, respectively [3][7]. - The net profit attributable to shareholders for the first half of 2025 was 63 million yuan, up 15.41% year-on-year, with a significant increase in non-recurring net profit [3][6]. 3. Growth Opportunities - The humanoid robotics market is expected to grow significantly, with sales projected to reach 1.24 million units and a market size of 6.339 billion yuan by 2025 [4][6]. - The company has begun testing core components for humanoid robots, which could enhance its revenue streams and contribute to a second growth curve [4][6]. 4. Financial Forecasts - The company is projected to achieve revenues of 1.439 billion yuan in 2025, with a growth rate of 10.10%, and net profits of 121 million yuan, reflecting a growth rate of 45.42% [6][7]. - The earnings per share (EPS) are expected to increase from 0.39 yuan in 2025 to 0.72 yuan by 2027 [6][7]. 5. Valuation - The report suggests a target price of 42.90 yuan based on a projected price-to-earnings (P/E) ratio of 110 for 2025, indicating a significant upside from the current price of 30.99 yuan [6][4].