Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company is a leading player in home respiratory devices and cochlear implant components, with expectations for a performance rebound in the second half of 2025 due to the easing of short-term tariff disruptions and the acceleration of new business developments in blood glucose monitoring, brain-computer interfaces, and robotics [1][5] Summary by Sections Business Performance - In the first half of 2025, the company's overseas revenue accounted for approximately 87%, with a decline in revenue from home respiratory device components by 2.8% and cochlear implant revenue by 7.5% due to tariff disruptions. The company's net profit attributable to shareholders was 114 million yuan, a year-on-year decrease of 32.44% [2] New Product Development - The company has seen a 54.4% year-on-year increase in revenue from other medical product components, reaching 76 million yuan in the first half of 2025. The insulin pen and CGM components are expected to contribute to the next growth point, with the insulin pen project achieving large-scale production [3] Technological Expansion - The company is expanding its technology platform into brain-computer interfaces and robotics, leveraging its expertise in electrode precision processing from cochlear implants. This expansion is expected to open long-term growth opportunities [4] Financial Forecast and Valuation - Revenue projections for 2025-2027 are 1.895 billion, 2.375 billion, and 2.915 billion yuan, with year-on-year growth rates of 18.85%, 25.34%, and 22.74%, respectively. Net profit attributable to shareholders is forecasted to be 424 million, 543 million, and 653 million yuan for the same period, with corresponding growth rates of 16.64%, 27.97%, and 20.26% [5][11]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 2.685 billion yuan in the first half of 2025, a year-on-year decrease of 12.05%, and a net profit attributable to shareholders of 509 million yuan, down 19.26% year-on-year [1][2] - The decline in revenue is primarily due to the core games "Age of Origins" and "War and Order" entering a mature phase, with user numbers for "Age of Origins" dropping from 3.935 million in Q1 to 3.172 million in Q2 [2] - The company is focusing on a "2 + 2 + N" product matrix strategy, emphasizing the SLG genre, with new games "Stellar Sanctuary" and "Next Agers" currently in overseas commercialization testing [5] Revenue Summary - In 1H25, the gaming business revenue decreased by 16.41% year-on-year to 2.028 billion yuan, attributed to the natural decline of existing game revenues and the lack of significant monetization from new games [2] Cost Summary - The gross margin in Q2 2025 was 58.4%, a slight decrease of 2.64 percentage points year-on-year [3] - Sales expenses in Q2 2025 were 177 million yuan, down 32.19% year-on-year, due to the nature of the gaming business cycle and adjustments in marketing strategies [3] - R&D expenses in Q2 2025 were 91 million yuan, a decrease of 9.98% year-on-year, reflecting reduced optimization needs for existing games [3] Management Expenses - Management expenses in Q2 2025 were 252 million yuan, an increase of 3.78% year-on-year, primarily due to new management positions and normal salary adjustments [4] Future Outlook - The company expects revenues of 6.93 billion yuan, 8.94 billion yuan, and 9.93 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.29 billion yuan, 1.96 billion yuan, and 2.15 billion yuan for the same years [6]

Group 1: Industrial Profit Trends - In the first seven months of 2025, the total profit of industrial enterprises reached CNY 40,203.5 billion, a year-on-year decline of 1.7%, with the decline rate narrowing compared to the first half of the year[2] - In July 2025, the profit of industrial enterprises decreased by 1.5% year-on-year, a reduction of 2.8 percentage points from June[2] - The profit margin for industrial enterprises from January to July 2025 was 5.15%, unchanged from June but down 0.21 percentage points from the same period last year[2] Group 2: Price and Demand Dynamics - The Producer Price Index (PPI) for industrial products in July 2025 fell by 3.6% year-on-year and 0.2% month-on-month, indicating low prices that significantly drag down industrial profit growth[2] - Effective demand still has considerable room for improvement, which is crucial for sustaining profit recovery in industrial enterprises[3] Group 3: Policy Impact and Sector Performance - The "Two New" policies continue to support profit recovery, with significant profit growth in sectors like electronic and electrical machinery, which saw increases of 87.9% and 15.3% respectively in July[3] - High-tech manufacturing profits turned from a decline of 0.9% in June to a growth of 18.9% in July, contributing positively to overall industrial profit growth[3] Group 4: Inventory and Market Conditions - As of the end of July 2025, the inventory of finished products in large-scale industrial enterprises increased by 2.4% year-on-year, indicating a high inventory level that requires demand to strengthen for effective destocking[7] - The current inventory-to-sales ratio remains high, suggesting that while there is a willingness to destock, the pace of demand recovery is gradual, leading to potential fluctuations in inventory levels[7]

瑞丰银行(601528) 报告日期：2025 年 08 月 27 日 息差企稳，不良波动 ——瑞丰银行 25H1 业绩点评 投资要点 ❑ 25H1 瑞丰银行营收、归母净利润同比增速有所放缓，息差韧性较强。 ❑ 业绩概览 25H1 营收、归母净利润同比+3.9%、+5.6%，增速环比 25Q1 放缓 1.2pc、1.1pc； 25Q2 末不良率环比+1bp 至 0.98%，25Q2 末拨备覆盖率环比提升 14pc 至 340%。 ❑ 盈利增速放缓 25H1 瑞丰银行营收、归母净利润同比分别+3.9%、+5.6%，增速环比 25Q1 放缓 1.2pc、1.1pc。驱动因素来看，规模增长放缓、非息增速放缓拖累盈利表现。 ❑ 息差环比企稳 瑞丰银行 25H1 息差环比 25Q1 持平于 1.46%，息差韧性较强，主要得益于存款成 本改善，有效对冲资产端收益率下行影响。 （1）资产端。测算 25Q2 资产端收益率环比下降 9bp 至 3.19%，主要源于贷款利 率行业性下行。25H1瑞丰银行贷款收益率较24H2下降29bp，其中对公贷款（不 含票据贴现）、零售贷款分别下降 32bp、35bp。 （2）负债端。测算 25 ...

Core Insights - The report highlights an increased probability of a rate cut by the Federal Reserve in September, driven by adjustments in monetary policy and rising employment risks, which is expected to improve global liquidity and benefit the A-share market's growth style [1][2][30]. Group 1: Market Style Rotation - The market style is expected to favor large-cap growth stocks, with mid-cap stocks also performing well, while small-cap stocks lag behind [2][10]. - Growth stocks are anticipated to outperform value stocks, with a strong concentration of growth-related indices among the top performers [2][10]. - The report emphasizes that the growth and consumption sectors will dominate the market style in September, with a favorable liquidity environment supporting large-cap growth stocks [2][11]. Group 2: Industry Configuration - The top ten industries based on scoring include Media, Computer, Non-bank Financials, Electronics, Communication, Real Estate, Light Industry Manufacturing, Agriculture, Banking, and Consumer Services [3][43]. - In a high-risk environment, technology growth and non-bank financials are expected to benefit significantly, particularly in downstream applications catalyzed by the "AI+" initiative, focusing on Media and Computer sectors, as well as high beta brokerage firms [3][44]. - The report suggests a focus on real estate, which has lagged in performance within the financial sector, as well as on non-ferrous metals and basic chemicals, given the anticipated rate cuts by the Federal Reserve [3][43].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Viewpoints - The company successfully issued convertible bonds amounting to 1.17 billion yuan, primarily aimed at expanding the production capacity of semiconductor thin-film deposition equipment, enhancing R&D capabilities, and supplementing working capital [1][8] - The company is a leading domestic supplier of ALD equipment, with a focus on advanced semiconductor thin-film deposition processes, including High-k ALD technology, which is crucial for manufacturing integrated circuits below the 28nm process node [2] - The company has also made significant strides in CVD equipment, with a growing order book and a projected increase in semiconductor revenue share over the next three years [3] - In the photovoltaic equipment sector, the company is a pioneer in applying ALD technology at scale, maintaining a leading position in revenue, order volume, and market share among domestic peers [4] Summary by Sections Semiconductor Equipment - The company has a strong foothold in ALD and CVD equipment, with a 66% year-on-year increase in semiconductor orders, totaling 1.5 billion yuan by the end of 2024 [3] - The company is expanding its production capacity with a new smart factory project, expected to generate annual sales of 1.565 billion yuan upon reaching full capacity [8] Photovoltaic Equipment - The company is recognized as a leader in high-efficiency battery technology and equipment, collaborating with major domestic photovoltaic manufacturers [4] - Despite a decline in new orders for photovoltaic equipment this year, the company is well-positioned to benefit from the upcoming growth in new battery technologies [4] Financial Forecast - Revenue projections for 2025-2027 are 2.7 billion, 3.1 billion, and 3.4 billion yuan, with corresponding net profits of 340 million, 460 million, and 560 million yuan, reflecting growth rates of 51%, 34%, and 21% respectively [9][11]

Quantitative Models and Construction Methods Model Name: Quantitative Alpha Model - **Model Construction Idea**: The model uses price and volume, high-frequency alpha factors as signals to calculate the overall score of each index[13] - **Model Construction Process**: - The model calculates the scores based on factors such as incremental funds entering the market (amt_mustd3m/turn_utd), intraday trading (tcv_intra), and interday stability - trading depth improvement (mom_mdr3m)[17] - Formula: $ \text{Score} = \text{amt_mustd3m/turn_utd} + \text{tcv_intra} + \text{mom_mdr3m} $ - The parameters represent the following: - amt_mustd3m/turn_utd: Incremental funds entering the market - tcv_intra: Intraday trading - mom_mdr3m: Interday stability - trading depth improvement - **Model Evaluation**: The model's internal selection has been pointing towards micro-cap stocks since September 2024, indicating a preference for micro-cap stocks[13][17] Model Name: Non-linear Market Cap Model - **Model Construction Idea**: The model evaluates the impact of non-linear market cap fluctuations on manager excess returns[20] - **Model Construction Process**: - The model calculates the average distance of scatter points from the origin during significant non-linear market cap fluctuations[20] - Formula: $ \text{Average Distance} = \frac{\sum \text{Distance from Origin}}{\text{Number of Points}} $ - The parameters represent the following: - Distance from Origin: The distance of each scatter point from the origin during non-linear market cap fluctuations - **Model Evaluation**: The model shows that managers' excess returns are significantly influenced by non-linear market cap fluctuations, with the average distance from the origin increasing from 0.84 in 2023 to 1.49 in 2024 and 1.19 in 2025[20][30] Model Name: Linear Market Cap Model - **Model Construction Idea**: The model evaluates the impact of linear market cap fluctuations on manager excess returns[26] - **Model Construction Process**: - The model calculates the average distance of scatter points from the origin during significant linear market cap fluctuations[26] - Formula: $ \text{Average Distance} = \frac{\sum \text{Distance from Origin}}{\text{Number of Points}} $ - The parameters represent the following: - Distance from Origin: The distance of each scatter point from the origin during linear market cap fluctuations - **Model Evaluation**: The model shows that managers' excess returns are influenced by linear market cap fluctuations, with the average distance from the origin increasing from 0.69 in 2023 to 1.05 in 2024 and 0.96 in 2025[26][32] Model Backtest Results Quantitative Alpha Model - **IR**: 0.55[17] - **Excess Return**: 1.9%[28] Non-linear Market Cap Model - **IR**: 1.19[30] - **Excess Return**: 1.9%[28] Linear Market Cap Model - **IR**: 0.96[32] - **Excess Return**: 0.08%[28] Quantitative Factors and Construction Methods Factor Name: Incremental Funds Entering the Market (amt_mustd3m/turn_utd) - **Factor Construction Idea**: Measures the amount of new funds entering the market[17] - **Factor Construction Process**: - Formula: $ \text{amt_mustd3m/turn_utd} $ - The parameters represent the following: - amt_mustd3m: Amount of new funds entering the market - turn_utd: Market turnover - **Factor Evaluation**: Indicates the improvement in the trading environment for micro-cap stocks[17] Factor Name: Intraday Trading (tcv_intra) - **Factor Construction Idea**: Measures the intensity of intraday trading[17] - **Factor Construction Process**: - Formula: $ \text{tcv_intra} $ - The parameters represent the following: - tcv_intra: Intraday trading volume - **Factor Evaluation**: Indicates the improvement in the trading environment for micro-cap stocks[17] Factor Name: Interday Stability - Trading Depth Improvement (mom_mdr3m) - **Factor Construction Idea**: Measures the stability and depth of trading over multiple days[17] - **Factor Construction Process**: - Formula: $ \text{mom_mdr3m} $ - The parameters represent the following: - mom_mdr3m: Momentum and trading depth over three months - **Factor Evaluation**: Indicates the improvement in the trading environment for micro-cap stocks[17] Factor Backtest Results Incremental Funds Entering the Market (amt_mustd3m/turn_utd) - **IR**: 0.55[17] - **Excess Return**: 1.9%[28] Intraday Trading (tcv_intra) - **IR**: 0.55[17] - **Excess Return**: 1.9%[28] Interday Stability - Trading Depth Improvement (mom_mdr3m) - **IR**: 0.55[17] - **Excess Return**: 1.9%[28]

Investment Rating - The investment rating for Dong'e Ejiao is maintained as "Buy" [6][7]. Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 3.051 billion RMB (up 11.02% year-on-year) and net profit attributable to shareholders of 818 million RMB (up 10.74% year-on-year) [6]. - The company is expected to achieve sustainable high-quality growth throughout the year, supported by strong brand power and marketing systems [6]. - The gross profit margin remains stable, and profit growth is anticipated to outpace revenue growth due to cost reduction and efficiency improvements [6]. - A mid-term dividend plan has been implemented, with a cash dividend of 12.69 RMB per 10 shares, totaling approximately 817 million RMB, which represents 99.94% of the net profit for the first half of 2025 [6]. - The forecast for net profit attributable to shareholders for 2025-2027 is 1.896 billion RMB, 2.273 billion RMB, and 2.718 billion RMB, respectively, with corresponding EPS of 2.94 RMB, 3.53 RMB, and 4.22 RMB [6][7]. Financial Summary - Revenue projections for 2024, 2025E, 2026E, and 2027E are 5.921 billion RMB, 6.820 billion RMB, 7.808 billion RMB, and 8.899 billion RMB, reflecting growth rates of 25.57%, 15.20%, 14.48%, and 13.97% respectively [4]. - Net profit attributable to shareholders is projected to grow from 1.557 billion RMB in 2024 to 2.718 billion RMB in 2027, with growth rates of 35.29%, 21.75%, 19.87%, and 19.60% [4][6]. - The company’s comprehensive gross profit margin for the first half of 2025 was 73.13%, with a slight year-on-year decline of 0.41 percentage points [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5] Core Views - The company has shown steady profit growth with a year-on-year increase in revenue and net profit of 0.5% and 4.6% respectively for the first half of 2025, although the growth rates have slightly decreased compared to the first quarter [2][5] - The net interest margin remains resilient, with a slight decrease to 1.60% in the first half of 2025, indicating improved profitability despite challenges in non-interest income [2][3] - The non-interest income has faced significant pressure, declining by 16.6% year-on-year, primarily due to a substantial drop in card-related income [2] Summary by Sections Financial Performance - For the first half of 2025, the company reported a revenue of 28,741 million and a net profit attributable to the parent company of 12,114 million, with respective year-on-year growth rates of 0.5% and 4.6% [6] - The non-performing loan ratio remained stable at 1.17% as of the end of Q2 2025, while the provision coverage ratio decreased by 8 percentage points to 356% [4][6] Profitability and Margins - The average net interest margin for the first half of 2025 was 1.60%, slightly down from the previous quarter, with the asset yield decreasing to 3.05% [3] - The cost of liabilities improved, with a decrease in the cost of time deposits contributing to a better margin [3] Asset Quality - The non-performing loan ratio for retail operating loans increased to 2.46% by the end of the first half of 2025, indicating a need for close monitoring of this segment [4] - The company’s TTM non-performing loan generation rate was 0.86%, showing a slight increase in pressure [4] Earnings Forecast and Valuation - The company is expected to achieve a net profit growth of 5.2%, 5.5%, and 6.3% for the years 2025 to 2027, with a target price of 7.81 CNY per share, reflecting a potential upside of 21% [5]

Investment Rating - The investment rating for Chengdu Bank is "Buy" with a target price of 21.12 CNY per share, indicating an upside potential of 18% from the current price of 17.86 CNY [5][7]. Core Insights - Chengdu Bank's H1 2025 earnings growth has improved, with revenue and net profit attributable to shareholders increasing by 5.9% and 7.3% year-on-year, respectively [2][5]. - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio stable at 0.66% and a provision coverage ratio of 453% as of the end of Q2 2025 [4][5]. - Future growth is supported by strong regional economic vitality and robust credit demand, which is expected to sustain rapid profit growth [3][5]. Summary by Sections Earnings Performance - Chengdu Bank's revenue and net profit for H1 2025 increased by 5.9% and 7.3% year-on-year, with quarter-on-quarter growth rates improving by 2.7 percentage points and 1.6 percentage points, respectively [2][5]. - The bank's total assets grew by 14.3% year-on-year, with loans increasing by 18.0% [2][5]. Interest Margin and Cost of Deposits - The net interest margin for Q2 2025 slightly decreased by 2 basis points to 1.58%, but improved by 1 basis point year-on-year, primarily due to a reduction in deposit costs [3][4]. - The cost of deposits improved to 1.96% in H1 2025, down from 2.16% in 2024, benefiting from interest rate cuts [3][4]. Asset Quality - The NPL ratio remained stable at 0.66%, while the attention loan ratio increased slightly to 0.44% [4][5]. - The TTM generation rate for NPLs and attention loans decreased by 14 basis points to 0.27%, indicating continued improvement in asset quality [4][5]. Profit Forecast and Valuation - Chengdu Bank's net profit is projected to grow by 7.95%, 7.35%, and 9.52% for 2025, 2026, and 2027, respectively, with corresponding book values per share of 21.12, 23.60, and 26.35 CNY [5][12]. - The target valuation for 2025 is set at a price-to-book (PB) ratio of 1.0x [5].