Investment Rating - The report suggests a positive outlook for the industry, indicating that the long-term trend remains intact despite short-term fluctuations in the market [34]. Core Insights - The North Exchange market showed resilience in the specialized and innovative sectors, with significant stock performance variations, particularly in the automotive and new materials sectors [3][29]. - The report highlights the active mergers and acquisitions in high-end manufacturing and new materials, with specialized enterprises enhancing their competitiveness through industry chain integration [27][29]. - The macroeconomic environment is characterized by increased domestic consumer credit policies and a dovish stance from the Federal Reserve, which together create a supportive backdrop for the industry [27][28]. Summary by Sections Market Overview - The average daily trading volume for all A-shares on the North Exchange reached 27.23 billion yuan, a decrease of 14.7% week-on-week. The North Exchange 50 index fell by 1.43%, with an average turnover rate of 3.3% [7][16]. - The top five gainers for the week included Shichang Co. (271.6%), Kaiter Co. (33.8%), and Sanwei Co. (22.5%), while the top five losers included Yunchuang Data (-18.0%) and Guoyi Tendering (-13.3%) [16][19]. Key News and Policies - Nvidia has requested suppliers to develop MLCP technology, which is expected to be 3-5 times more expensive than current solutions, due to the high power consumption of its new AI platform [18]. - The Ministry of Commerce and nine other departments issued policies aimed at expanding service consumption, proposing 19 measures to stimulate economic growth [20]. - Tencent Cloud announced full compatibility with mainstream domestic chips, with its international customer base doubling within a year [21]. Core Driving Factors - The report identifies strong performance in the robotics, automotive parts, and specialty materials sectors, with significant stock price increases in companies like Shichang Co. [27][29]. - The ongoing trend of mergers and acquisitions is noted, with companies in the North Exchange continuing to pursue strategic acquisitions to enhance core technologies [29]. Investment Recommendations and Strategies - The report emphasizes that short-term index adjustments do not alter the long-term growth trajectory, supported by the solid fundamentals of specialized enterprises and favorable policies [32]. - Continuous policy benefits are expected to support sectors such as automotive parts, digital economy, and new energy materials [32]. - The active mergers and acquisitions driven by industry upgrades are seen as a means to strengthen core technologies and improve bargaining power within the supply chain [32].

Investment Rating - The report gives an "Accumulate" rating for the company [2][5]. Core Views - The company is expected to achieve net profits attributable to shareholders of 1.263 billion, 1.483 billion, and 1.899 billion yuan for the years 2025 to 2027, respectively, benefiting from its leading position in domestic phenolic resin and casting resin, as well as the transformation of the resin system in the electronic and new energy materials industry [2][18]. - The report highlights that while the market believes the value of the company has been fully priced in during the current resin demand upcycle, there is potential for recovery in traditional resin business and the company is positioned as a "technology platform" enterprise in new materials, which may capture more potential products through its ongoing R&D capabilities [2][15]. Summary by Sections 1. Business Development and Financial Performance - The company has a solid foundation in traditional resin business with a production capacity of 648,600 tons for phenolic resin and 143,300 tons for casting resin as of 2023, which supports its ability to navigate through cycles [3][49]. - The company reported a significant increase in net profit of 51.19% year-on-year for the first half of 2025, reaching 5.01 billion yuan, driven by growth in advanced electronic materials and battery materials [24][37]. 2. Electronic Chemicals and New Materials - The company is a leader in domestic electronic materials, with a full production capacity of its four PPO production lines and plans to expand its production capacity for various resin products [3][12]. - The demand for PPO resin is expected to grow significantly, with projections of 6,964 tons and 10,446 tons for 2025 and 2026, respectively, driven by the AI server market [3][15]. 3. Battery Materials - The company is actively expanding its production capacity for silicon-carbon anodes and porous carbon, with plans for 10,000 tons per year of silicon-carbon anodes and 15,000 tons per year of porous carbon [3][27]. - The company has established a production line for hard carbon anodes for sodium batteries, which is expected to see increased demand [3][27]. 4. Biomass Chemical Products - The company is optimizing its Daqing project, which focuses on high-value biomass products, and is expected to turn profitable [13][24]. - Revenue from biomass chemical products is projected to grow steadily, with expected revenues of 1.1 billion, 1.265 billion, and 1.454 billion yuan for 2025 to 2027 [13][14]. 5. Market Position and Competitive Advantage - The company holds a leading position in the phenolic resin market, with a production capacity that ranks among the highest globally, and benefits from significant cost advantages [3][49]. - The report emphasizes the company's strong market position in high-end phenolic resin products, which have a higher added value compared to low-end products [54][55].

Investment Rating - The report does not explicitly provide an investment rating for the industry [31]. Core Insights - The North Exchange A-share trading volume reached 25.93 billion yuan on September 19, a decrease of 5.94 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1578.00, down 0.83% [9][16]. - Among the 276 companies listed on the North Exchange, 64 saw an increase in stock prices, 7 remained flat, and 205 experienced declines. The top five gainers included Shichang Co. (271.6%), Hanwei Technology (11.8%), and Wuxin Tunnel Equipment (11.6%) [17][19]. - The report highlights a divergence in the technology manufacturing sector, with hard technology themes like lithography machines and storage chips maintaining interest, while previously leading concepts like robotics faced significant corrections [3][20]. Summary by Sections Market Review - On September 19, the North Exchange A-share trading volume was 25.93 billion yuan, down from the previous day, with the North Exchange 50 Index closing at 1578.00, reflecting a PE_TTM of 74.00 times [9][16]. - The North Exchange Specialized and New Index closed at 2748.53, down 0.91% [9]. Stock Performance - Out of 276 companies, 64 increased, 7 remained unchanged, and 205 decreased in stock price. The top gainers were Shichang Co. (271.6%), Hanwei Technology (11.8%), and Wuxin Tunnel Equipment (11.6%) [17][19]. - The top decliners included Sanwei Co. (-26.2%), Dezong Automotive (-12.6%), and Hongxi Technology (-8.0%) [17][19]. Important News - Huawei announced new developments in its Ascend AI and Kunpeng chip roadmap, with multiple listed companies participating in the ecosystem [20]. - Shanghai optimized its property tax policy to lower holding costs and stimulate consumption potential, including tax exemptions for first-time homebuyers [21]. Company Announcements - Haomiao Technology received a patent for a simulation explosion rescue training system, enhancing its innovation capabilities [22]. - Fangzheng Valve announced a cash dividend plan for its shareholders [23]. - Greenheng Technology plans to use idle fundraising for low-risk financial products [24].

公司深度研究 | 药明合联 全球领先的生物偶联药 CRDMO，扬帆起航 药明合联（2268.HK）深度报告 药明合联（WuXi XDC）是全球领先的生物偶联药合同研究、开发和生产企 业(CRDMO)。公司于 2023 年 11 月 17 日港交所 IPO 首日上市，上市后业 绩持续高速增长，2022-2024 年营业收入 CAGR 为 102%。 行业需求旺盛，全球产能紧缺，公司加大 CAPEX 投入，预计至 2029 年超 70 亿元人民币，旨在扩大全球领先地位。ADC 全球研发热度高涨，产能紧 缺，中国企业凭借产业链竞争优势，有望持续受益于高景气。在此背景下， 药明合联持续加大产能投入，预计 2025 年资本开支为 15.6 亿元人民币（约 9 亿元投入新加坡基地，约 4.5 亿元投入无锡基地），到 2029 年将超过 70 亿元人民币，旨在扩大公司国内外产能。公司坚持"全球双厂生产"战略， 产能布局包括中国上海、无锡及常州等国内基地，以及海外新加坡生产基地， 提升供应链竞争力。新加坡基地已于 2025 年 6 月达成机械竣工里程碑，预 计将于 2026 年进行 GMP 生产。 项目数及在手订单高速增长， ...

Group 1: Guangdong Hongda (002683.SZ) - The company is a leader in the civil explosives industry, with growth rates exceeding the industry average, and military business is poised for expansion [7][8] - Expected net profits for 2025-2027 are projected at 1.196 billion, 1.415 billion, and 1.772 billion yuan, respectively, with a target price of 47.2 yuan based on a 30x PE for 2025, rated as "Accumulate" [7][8] - Revenue from the domestic regions of Northwest, Southwest, and North China for 2024 is expected to be 2.69 billion, 1.14 billion, and 2.34 billion yuan, respectively, with significant year-on-year growth [8] Group 2: Yangnong Chemical (600486.SH) - The company is positioned as a leader in the pesticide industry, benefiting from an upward trend in industry conditions and a recovery in the market [11][12] - Projected revenues for 2025-2027 are 11.484 billion, 12.325 billion, and 13.536 billion yuan, with net profits of 1.443 billion, 1.654 billion, and 1.884 billion yuan, respectively, rated as "Accumulate" [11][12] - The company is expected to transition from a generic pesticide manufacturer to a CDMO for innovative drugs, enhancing its growth potential [12] Group 3: China Communications Construction Company (601800.SH) - The company holds a leading position in transportation infrastructure and is expected to benefit from increased domestic infrastructure projects and international expansion [14][15] - The company is the largest international engineering contractor in China, with a strong historical presence in overseas markets, contributing to growth [14][15] - A dividend plan has been announced, ensuring stable returns for investors, with a target price of 11.78 yuan based on an 8x PE for 2025, rated as "Buy" [14][15] Group 4: Xinzhou Bang (300037.SZ) - The company is focused on a comprehensive layout in the lithium battery and fluorochemical sectors, with clear growth in demand for fluorochemicals [18][19] - Expected net profits for 2025-2027 are projected at 1.130 billion, 1.501 billion, and 1.859 billion yuan, with significant year-on-year growth rates [18][19] - The company is enhancing its vertical integration and global layout, with ongoing projects in Malaysia and the US expected to boost profitability [18][19] Group 5: Haian Home (600398.SH) - The main brand has shown improvement, with revenue for the first half of 2025 reaching 11.566 billion yuan, a year-on-year increase of 1.73% [21][22] - The company is expanding its direct sales while reducing franchise operations, with a focus on new retail formats [21][22] - Projected net profits for 2025-2027 are 2.421 billion, 2.700 billion, and 2.947 billion yuan, with a growth rate of 12.2%, 11.5%, and 9.1% respectively, rated as "Buy" [24] Group 6: Xtep International (01368.HK) - The main brand has shown steady growth, with revenue for the first half of 2025 reaching 6.838 billion yuan, a year-on-year increase of 7.1% [26][27] - The company is focusing on the running segment, with strong performance in its professional sports line [26][27] - Projected net profits for 2025-2027 are 1.379 billion, 1.516 billion, and 1.664 billion yuan, with growth rates of 11.3%, 9.9%, and 9.8% respectively, rated as "Buy" [28] Group 7: Mindray Medical (300760.SZ) - The company reported total revenue of 16.743 billion yuan for the first half of 2025, a year-on-year decrease of 18.45% [30][31] - International business showed resilience with revenue of 8.332 billion yuan, a year-on-year increase of 5.39%, while domestic revenue declined significantly [30][31] - The company plans to distribute a total of 3.298 billion yuan in cash dividends for 2025, representing 65.06% of its net profit for the first half of the year [31]

Investment Rating - The investment rating for the company is "Accumulate" [5][11]. Core Views - The company experienced a decline in revenue and net profit in the first half of 2025, with total revenue of 16.743 billion yuan, down 18.45% year-on-year, and net profit of 5.069 billion yuan, down 32.96% year-on-year. The gross margin decreased by 4.98 percentage points [1][5]. - International business showed resilience with revenue of 8.333 billion yuan in H1 2025, up 5.39% year-on-year, accounting for 49.76% of total revenue. Domestic revenue, however, fell to 8.411 billion yuan, down 33.37% year-on-year [1][2]. - The company plans to distribute a total cash dividend of 3.298 billion yuan for 2025, which represents 65.06% of the net profit for the first half of the year [2]. Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 8.506 billion yuan, a decrease of 23.77% year-on-year, and a net profit of 2.440 billion yuan, down 44.55% year-on-year, with a gross margin decline of 5.66 percentage points [1][5]. - The medical imaging business generated revenue of 3.312 billion yuan, down 22.51% year-on-year, with international revenue accounting for 62% [2]. - The life information and support business reported revenue of 5.479 billion yuan, down 31.59%, with international revenue share increasing to 67% [2]. Future Projections - Revenue projections for 2025-2027 are 36.730 billion yuan, 41.909 billion yuan, and 48.457 billion yuan, with year-on-year growth rates of 0.0%, 14.1%, and 15.6% respectively. Net profit projections are 12.219 billion yuan, 14.156 billion yuan, and 16.633 billion yuan, with growth rates of 4.7%, 15.8%, and 17.5% respectively [3][10].

行业周报 | 金融 券商行业景气上行趋势不变，看好银行股中长期投资价值 金融行业周报（2025/09/21） 核心结论 金融行业周涨跌幅跟踪：1）本周非银金融（申万）指数涨跌幅为-3.66%， 跑输沪深 300 指数 3.22pct。按子板块来看，本周证券Ⅱ（申万）、保险Ⅱ（申 万）、多元金融指数涨跌幅分别为-3.51%、-4.76%、-0.50%。2）本周银行 （申万）涨跌幅为-4.21%，跑输沪深 300 指数 3.77pct。按子板块情况看， 国有行、股份行、城商行、农商行本周涨跌幅分别为-4.43%、-4.48%、-3.61%、 -3.54%。 投资观点：1）保险：本周保险Ⅱ(申万)下跌 4.76%，跑输沪深 300 指数 4.32pct。近期保险股频获举牌，不仅体现了资本对其业绩的认可，更反映 出对保险行业稳健现金流、低估值优势以及业务创新潜力的长期看好。此外， 头部险企保费增长稳健，业务发展态势良好，我们认为保险将是产业结构转 型中金融业最具成长性的方向，头部险企凭借规模效应、品牌与客户优势， 投资价值将更突出。 2）券商：本周证券 II（申万）下跌 3.51%，跑输沪深 300 指数 3.07p ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The pressure on funds at the end of the quarter is relatively controllable, and the bond market may still fluctuate within a range. It is recommended to view the bond market as an oscillating range, control the duration, and allocate medium - and short - duration coupon varieties with anti - decline characteristics. Pay attention to changes in capital interest rates and institutional behavior on a daily basis and possible new policy catalysts during the week [2][22]. - The impact of the September 22nd State Council Information Office press conference is expected to be more moderate compared to the previous two. It is advisable to focus on some possible policy contents, such as the outlook for the "15th Five - Year" financial development, the introduction of incremental monetary and fiscal policies, the use of monetary policy tools like swaps for securities, funds, and insurance companies, the entry of medium - and long - term funds into the market, and statements regarding the RMB exchange rate [2][22]. 3. Summaries Based on Relevant Catalogs 3.1 Review Summary and Bond Market Outlook - This week, the market sentiment fluctuated greatly due to the two - time issuance of national bonds. Yields first increased, then decreased, and then increased again. The 10Y and 30Y national bond interest rates rose by 1bp and 2bp respectively. The impact of the September 22nd press conference is expected to be milder than the previous two, and the bond market is expected to fluctuate within a range [1][9][22]. - After the previous two press conferences with similar participants, the bond market first rose and then fell on the day, with the trading volume of 10Y national bond futures increasing. The stock market first soared and then declined intraday and then strengthened. After the conferences, the 10Y national bond interest rate first decreased slightly and then increased significantly, and the 10Y - 1Y national bond spread widened significantly [1][16]. 3.2 Bond Market Review 3.2.1 Capital Situation - The central bank had a net injection, but capital interest rates increased. From September 15th to 19th, the central bank's open - market net injection was 5923 billion yuan. Next week, the maturity volume of reverse repurchases is large, and the central bank's 14 - day reverse repurchase operation and MLF roll - over are expected to support liquidity [24][25]. - R001 and DR001 increased by 10bp compared to September 12th, reaching 1.50% and 1.46% respectively. The 3M certificate of deposit issuance interest rate and the FR007 - 1Y swap interest rate first decreased and then increased. As of September 19th, the 3M national - owned and joint - stock bank bill transfer discount price was 1.25%, up 10bp from September 12th [25]. 3.2.2 Secondary Market Trends - Yields first increased, then decreased, and then increased again. Except for the 1Y and 20Y, the interest rates of other key - term national bonds increased. Except for the 5Y - 3Y and 10Y - 7Y, the spreads of other key - term national bonds widened. As of September 19th, the 10Y and 30Y national bond yields rose by 1bp and 2bp respectively compared to September 12th, reaching 1.88% and 2.20% [32]. - The negative spread between the new and old 10Y national bond coupons widened slightly during the week, the negative spread between the new and old 10Y national development bond coupons narrowed, and the spread between the second - active and active 30Y national bond coupons narrowed [35]. 3.2.3 Bond Market Sentiment - From September 15th to 19th, the median of the full - sample duration increased slightly, the median of the interest - rate bond fund duration first increased and then decreased, and the divergence continued to rise. The turnover rate of ultra - long bonds declined, the 50Y - 30Y and 30Y - 10Y national bond spreads widened, the inter - bank leverage ratio remained at 107.3%, and the exchange leverage ratio rose to 122.8%. The implied tax rate of the 10 - year national development bond narrowed slightly [40]. 3.2.4 Bond Supply - This week, the net financing of interest - rate bonds decreased. From September 15th to 19th, the net financing of interest - rate bonds was 504 billion yuan, a decrease of 66.2 billion yuan compared to last week. The net financing of national bonds and local government bonds decreased, while that of policy - based financial bonds increased [48]. - The net financing of inter - bank certificates of deposit turned positive, and the average issuance interest rate rose to 1.64%. From September 15th to 19th, the total issuance of inter - bank certificates of deposit was 984.4 billion yuan, a net financing of 177.6 billion yuan, and the average issuance interest rate was 1.64%, up 1.4bp from last week [53][54]. 3.3 Economic Data - In August, industrial added value and social retail sales declined marginally, and the decline in real estate investment continued to widen. Since September, second - hand housing transactions have strengthened, and the freight rate index has continued to decline marginally and is weak year - on - year [59][61]. - In terms of high - frequency data, new housing transactions have increased both month - on - month and year - on - year, second - hand housing transactions in 13 cities have increased in both aspects, and the land transaction area in 100 large - and medium - sized cities has decreased in both aspects. Automobile and movie consumption have strengthened, and export - related indicators have mixed performances. Industrial production has continued to improve marginally [61]. 3.4 Overseas Bond Market - US retail sales data in August were better than expected, and the Federal Reserve announced a 25 - basis - point interest rate cut. Bond markets in the UK and France fell, while emerging markets rose more than they fell. The 10Y - 2Y US Treasury spread widened [70][71]. 3.5 Performance of Major Asset Classes - The performance of major asset classes this week was: crude oil > rebar > CSI 1000 > US dollar > Chinese bonds > Chinese - funded US dollar bonds > CSI 300 > Shanghai gold > Shanghai copper > convertible bonds > live pigs. The CSI 300 index weakened slightly this week [75]. 3.6 Policy Review - On September 19th, the State Council executive meeting discussed and passed the draft revision of the Law of the People's Republic of China on Banking Supervision and Administration and studied policies on domestic products in government procurement [79]. - On September 19th, President Xi Jinping had a phone call with US President Trump, and the two sides exchanged views on Sino - US relations and other issues. Follow - up attention should be paid to the progress of Sino - US economic and trade consultations [80]. - On September 19th, four departments issued a notice on further standardizing several issues in intellectual property asset evaluation. On the same day, Shanghai optimized and adjusted policies on individual housing property tax pilots [81][82]. - On September 16th, nine departments issued policies to expand service consumption. On September 15th, the State Administration of Foreign Exchange issued a notice on deepening the reform of cross - border investment and financing foreign exchange management [82][83].

Global and A-share Market Overview - The A-share market showed mixed performance last week, with the ChiNext Index rising the most by 2.34% [1] - The Hong Kong market also saw an increase, with the Hang Seng Index up by 0.59% [1] - The top-performing ETFs were primarily linked to the TMT sector [1] ETF New Issuance Statistics - A total of 8 stock ETFs were reported in the A-share market last week, with 12 new stock ETFs established [1][2] - In the US market, 12 equity ETFs were newly established, all of which were actively managed [1][2] Fund Flow Analysis A-share Market - The top 10 ETFs with net inflows were mainly from the securities and robotics sectors, while the top 10 with net outflows were primarily related to the Sci-Tech Innovation Board [2] - Among broad-based ETFs, those tracking the ChiNext 50 Index saw the highest net inflow, while those tracking the Sci-Tech 50 experienced the largest outflow [2] - In the industry sector, financial and real estate ETFs had the highest net inflows, while the financial technology ETF led in net inflows among thematic ETFs [2] US Market - In the US market, safety-themed ETFs saw the highest net inflows, while multi-tech themed ETFs experienced the largest outflows [3] - The iShares A.I. Innovation and Tech Act ETF, based on the S&P 500 Index, had significant net inflows, while the ARK Innovation ETF saw notable outflows [3] - A total of $2.51 million net inflow was recorded for ETFs investing in A-shares and Hong Kong stocks [3] Commodity Market - In the commodity market, the mainland gold ETFs had a net outflow of 422 million yuan, while US gold ETFs recorded a net inflow of $1.024 billion [3] ETF Strategy Performance - The performance of the diffusion indicator + RRG ETF rotation strategy yielded a return of -1.77%, with excess returns relative to the CSI Equal Weight Index and the CSI 300 Index at -1.58% and -1.33%, respectively [4] - The 50% base + intraday momentum strategy showed returns of -0.85%, -0.18%, -0.1%, and -0.19% for the Shanghai 50 ETF, CSI 300 ETF, CSI 500 ETF, and CSI 1000 ETF, respectively, with excess returns of 0.1%, -0.0%, -0.23%, and -0.3% compared to the corresponding 50% base ETFs [4]

Group 1 - Foreign capital is expected to increase investment in "export advantage" assets such as new energy, chemicals, and pharmaceuticals, driven by the Federal Reserve's interest rate cuts, which typically accelerate global capital flow back to China [1][10][11] - The expansion of capital expenditure (CAPEX) in the manufacturing sector, supported by fiscal subsidies since 2019, has solidified China's global competitive advantage in high-end manufacturing, despite negatively impacting financial metrics like return on invested capital (ROIC) and free cash flow [2][16][19] - The "anti-involution" policy is anticipated to enhance the financial returns of China's manufacturing sector, with signs of improving free cash flow in some "export advantage" industries as CAPEX contracts [3][24][30] Group 2 - The Hang Seng Technology Index is expected to experience a "main rising wave" as foreign capital returns to Hong Kong stocks, driven by both southbound capital and foreign investment [4][33] - The investment strategy suggests focusing on three main lines: "hard currency" assets under globalization, "hard technology" sectors, and Chinese manufacturing benefiting from the "anti-involution" policy [5][34][37] Group 3 - The report highlights that the current market environment may lead to a phase of consolidation in A-shares, with a shift in market style towards high-quality manufacturing and technology sectors [5][34][40] - Recent economic data indicates a decline in retail sales and industrial output, suggesting potential challenges for consumer-driven sectors [51][52]