Market Overview - On September 8, the Shanghai Composite Index rose by 0.38%, the CSI 300 increased by 0.16%, the STAR 50 went up by 0.58%, the CSI 1000 climbed by 0.9%, while the ChiNext Index fell by 0.84%. The Hang Seng Index increased by 0.85% [3][4]. - The best-performing sectors on September 8 were basic chemicals (+2.85%), agriculture, forestry, animal husbandry, and fishery (+2.68%), machinery and equipment (+2.4%), media (+2.3%), and beauty and personal care (+2.03%). The worst-performing sectors were telecommunications (-3.47%), comprehensive (-1.52%), non-bank financials (-0.64%), banking (-0.59%), and electronics remained flat [3][4]. - The total trading volume for the entire A-share market on September 8 was 24,631 billion yuan, with net inflow from southbound funds amounting to 16.705 billion HKD [3][4]. Key Recommendations - The report highlights Yihua Da (301029) as a leading one-stop provider of FA parts in China, with growth potential driven by its FB and overseas business [2][5]. - The performance of the company is supported by an upturn in its downstream industries, with the photovoltaic sector expected to reach a turning point [5]. - The revenue forecast for Yihua Da from 2025 to 2027 is projected to be 2,954.60 million yuan, 3,581.70 million yuan, and 4,197.40 million yuan, respectively, with growth rates of 18.00%, 21.00%, and 17.00%. The net profit attributable to shareholders is expected to be 498.50 million yuan, 620.60 million yuan, and 742.30 million yuan, with growth rates of 23.00%, 25.00%, and 20.00% [5].

Market Overview - On September 8, the Shanghai Composite Index rose by 0.38%, the CSI 300 increased by 0.16%, the STAR 50 gained 0.58%, the CSI 1000 went up by 0.9%, while the ChiNext Index fell by 0.84%. The Hang Seng Index increased by 0.85% [4][5]. - The best-performing sectors on September 8 were basic chemicals (+2.85%), agriculture, forestry, animal husbandry and fishery (+2.68%), machinery and equipment (+2.4%), media (+2.3%), and beauty and personal care (+2.03%). The worst-performing sectors were telecommunications (-3.47%), comprehensive (-1.52%), non-bank financials (-0.64%), banking (-0.59%), and electronics remained flat [4][5]. - The total trading volume of the A-share market on September 8 was 24,631 billion, with a net inflow of 16.705 billion HKD from southbound funds [4][5]. Important Recommendations - The report highlights the company Yihua Da (301029) as a leading one-stop provider of FA parts in China, with growth potential from its FB and overseas business. Projected revenues for 2025-2027 are 2,954.60 million, 3,581.70 million, and 4,197.40 million respectively, with revenue growth rates of 18.00%, 21.00%, and 17.00%. Net profit attributable to shareholders is expected to be 498.50 million, 620.60 million, and 742.30 million, with growth rates of 23.00%, 25.00%, and 20.00% respectively. Earnings per share are projected at 0.80, 1.00, and 1.20 yuan, with corresponding PE ratios of 31.00, 25.00, and 21.00 [6][7]. Industry Insights - The gaming sector is highlighted as a key area for investment, with the A-share gaming sector's revenue growing by 22.8% year-on-year in the first half of the year. The sector is expected to continue its upward trajectory in the second half of 2025 and into 2026, driven by EPS expectations and low current valuations [3][6]. - The report indicates that the gaming sector could reach a P/E valuation of 20 times by 2026, with the current average valuation around 16 times [7][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - In H1 2025, the company achieved revenue of 1.65 billion yuan, a year-on-year increase of 7%, and a net profit attributable to shareholders of 260 million yuan, up 15% year-on-year [2] - The company is focusing on the "laser + superconducting" business, which is expected to open up long-term growth opportunities, with projected net profits of 460 million yuan, 630 million yuan, and 810 million yuan for 2025-2027, representing year-on-year growth of 91%, 37%, and 28% respectively [6] Business Segments Summary Superconducting Business - The superconducting business is expanding into commercial aerospace applications, including a recent project win for a low-temperature cooling system and superconducting magnet development [3] - A partnership with China National Nuclear Corporation aims to build a fusion-fission hybrid experimental reactor, with total investment expected to exceed 20 billion yuan [3] - The company is positioned to benefit from domestic controlled nuclear fusion project tenders, as superconducting magnets represent a significant cost component in fusion equipment [3] Laser Business - The laser series and traditional LED chip revenue reached 130 million yuan in H1 2025, a substantial increase of 177% year-on-year [4] - The company is expanding its client base to include military, educational institutions, and research organizations, with plans for global market expansion [4] Traditional Business - The smart controller segment is being developed for applications in new energy vehicles and industrial control, enhancing the company's competitive edge in specialized equipment [5] - Structural optimization efforts are yielding results, focusing on high-potential products such as backlighting for tablets, automotive, and industrial control [5]

Core Insights - The Chinese medicine industry is expected to witness a performance turning point, with the sector likely to attract more investment due to its stable cash flow, high dividends, and low volatility in profit growth. The revenue and net profit growth rates for Q2 2025 improved compared to Q1 2025, and a further improvement is anticipated in H2 2025 due to reduced cost pressures from declining Chinese medicinal material prices [3][6]. Semi-Annual Report Overview - The semi-annual reports of Chinese medicine companies faced significant pressure, but nearly half of the companies (28 out of 60) achieved positive growth in net profit after excluding non-recurring items through proactive quality improvement and efficiency enhancement. Companies like Te Yi Pharmaceutical, Jia Ying Pharmaceutical, and Enwei Pharmaceutical reported double-digit growth in both revenue and net profit [10][11]. - Channel inventory has decreased, indicating a potential for sustained improvement in profitability. The index is steadily recovering, but institutional holdings remain light, with the dynamic price-to-earnings ratio at a low since 2021 [13][15][18]. Key Indicator Tracking - Flu data has stabilized, alleviating revenue growth pressures. The price index of Chinese medicinal materials has declined, which is expected to ease gross margin pressures [24][27]. - As of H1 2025, the average turnover days for accounts receivable and notes receivable are below 60 days, with companies like Xin Guang Pharmaceutical and Dong E E Jiao showing continuous improvement since 2020 [14]. Investment Recommendations - Recommended stocks include: - Core Holdings: Dong E E Jiao, Ling Rui Pharmaceutical, Yunnan Baiyao - Innovative Gems: Kang Yuan Pharmaceutical, Tian Shi Li - Long-term Value: Tong Ren Tang, Pian Zai Huang [6][31].

Group 1 - The core viewpoint of the report highlights that the restaurant industry is currently in a valuation trough, with significant recovery potential driven by demand and supply dynamics [1][6] - The tea beverage segment is leading the recovery, with major brands like Gu Ming and Mi Xue Bing Cheng showing positive growth in the first half of 2025, while Western fast food and casual dining are expected to stabilize by mid to late 2025 [1][2] - The average customer spending for leading brands has shown a year-on-year increase of 1% to 5%, indicating a stabilization trend after a two-year decline [1][2] Group 2 - The report anticipates that by the second half of 2025, most brands will achieve same-store sales stability or growth, aided by easing downward pressure on average spending and lower year-on-year comparison bases [2][3] - The restaurant sector is gradually returning to a net opening cycle, with tea beverage brands leading the way in new store openings, while Western fast food and casual dining brands are also expected to increase their store counts [2][3] - The report emphasizes that the second half of 2025 will be crucial for the tea beverage industry, as many franchise agreements are set to expire, potentially leading to a surge in quality supply and market opportunities for leading brands [3] Group 3 - The investment strategy suggests that the restaurant sector is currently undervalued, making it an attractive investment opportunity, especially as leading brands begin to show positive same-store sales growth [6][7] - Specific companies like Hai Di Lao and Yum China are highlighted for their potential to benefit from a strong consumer recovery, with Hai Di Lao expected to see significant improvements in turnover rates and new store openings [6][7] - Other notable companies such as Gu Ming and Mi Xue are projected to maintain high growth rates due to their strong operational capabilities and market positioning [7][8]

证券研究报告 | 策略深度报告 | 中国策略 增量资金如何塑造牛市风格？ ——中国 A 股历史上第一次"系统性'慢'牛"（四） 核心观点 时势造英雄，本轮牛市的风格和节奏一定程度由增量资金决定。我们对主动权益基金、 ETF 资金、个人投资者、保险及银行理财子、外资、量化基金、私募基金等各路资金 的影响力和行为模式做深度剖析，核心切入点包括：规模观测指标、适宜的宏观环境、 投资风格与典型因子、代表指数、投资表现、定价权历史复盘及未来流入展望。我们 发现：主动权益基金配置吸引力回升，ETF 资金担当市场稳定器，个人投资者以趋势 为王，保险及银行理财子进行股债平衡，外资成交活跃度抬升，量化基金享受流动性。 主动权益基金：发行和业绩双双改善，配置吸引力回升 2025 年以来，偏好景气赛道/大盘成长风格的主动权益基金发行规模已明显回暖， 且在全部新发基金中的占比进一步回升，赚钱效应也较 2022 年-2024 年显著改观， 主动股基、偏股混合等部分代表性指数大幅跑赢沪深 300。历史上看，牛市处于中 后期时居民存款通常会因较强的投资吸引力而加速流入主动权益基金。伴随市场 稳步向上运行、中长期趋势良好，主动权益基金业绩改 ...

证券研究报告 游戏深度：星辰大海，长期繁荣 ——游戏板块推荐报告 2025年9月8日 行业评级：看好 姓名 冯翠婷 姓名 陈磊 邮箱 fengcuiting@stocke.com.cn 邮箱 chenlei01@stocke.com.cn 证书编号 S1230525010001 证书编号 S1230521090002 推荐综述 推荐理由 行业基本面强势，A股游戏板块上半年营收同比增长22.8%，业绩已在拐点右侧，25H2及2026年有望持续上调业绩，后续将靠EPS预期修复继续驱动板块景气度提升。另外， 板块估值仍处低位，涨幅空间大，配置上建议"高低搭配"。 超预期点 游戏板块整体2026年有望达20倍P/E估值（当前时间点对应2026年平均估值约16倍P/E），进入25Q4后，估值切换有望开启。建议重点关注：1）当前时间点产品线优秀的 右侧标的：ST华通、巨人网络、三七互娱、吉比特，以及港股的腾讯控股、心动公司；产品线新游可期的左侧标的：神州泰岳、恺英网络、完美世界；新技术积极布局的： 盛天网络、掌趣科技等。 爆款游戏驱动下，板块近三个季度市场规模提升较大。我们认为，在当前宏观经济环境与AI提效的背景下，未来 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][9] Core Views - The company is currently facing performance pressure in H1 2025, with a revenue of 2.82 billion yuan, down 15.57% year-on-year, and a net profit of 175 million yuan, down 40.71% year-on-year [9] - The report anticipates revenue for 2025-2027 to be 5.694 billion, 5.945 billion, and 6.304 billion yuan, respectively, with year-on-year changes of -9%, +4%, and +6% [2][3] - The expected net profit for the same period is projected to be 348 million, 473 million, and 528 million yuan, with year-on-year growth rates of 53%, 36%, and 12% [2][3] Financial Summary - The company's gross profit margin for H1 2025 is reported at 29.92%, a decrease of 0.37 percentage points year-on-year [9] - The expense ratios for sales, management, R&D, and financial costs in H1 2025 are 10.02%, 8.61%, 0.88%, and 0.38%, respectively, with year-on-year changes of +1.10 percentage points, +2.00 percentage points, +0.20 percentage points, and -0.03 percentage points [2][9] - The earnings per share (EPS) for 2025-2027 are expected to be 0.56, 0.76, and 0.85 yuan, corresponding to price-to-earnings (P/E) ratios of 29, 21, and 19 times [2][3]

Group 1: Key Recommendations - The report highlights the transformation of Xinsida (002527) under Haier's leadership, focusing on integrated solutions and embodied intelligence, which is expected to enhance the company's competitive edge and financial performance [4][5] - The report anticipates that Xinsida's revenue will grow from 3543 million in 2025 to 4153 million in 2027, with a net profit forecasted to increase significantly from 13 million in 2025 to 190 million in 2027 [5] - The report emphasizes the potential of Henghe Precision (300539) as a high-quality precision manufacturing enterprise, particularly in the automotive parts sector, which is expected to see substantial growth [6][8] Group 2: Market Insights - The report indicates that the automotive intelligent cockpit market is projected to reach 1564 billion in China by 2025, with a growth rate of 21%, driven by the increasing demand for smart automotive components [7] - The report notes that the global automotive tailgate market is expected to reach 15 billion USD by the end of 2027, highlighting the trend towards lightweight automotive components [7][8] - The report discusses the overall positive outlook for the A-share market, suggesting a "slow bull" market with opportunities for strategic adjustments in investment portfolios [10][11] Group 3: Industry Trends - The report identifies AI as a key driver of growth in the technology sector, particularly in computing and communication industries, with significant profit growth expected [14] - The report highlights that the demand for electric two-wheeled vehicles is improving the profitability of the automotive industry, despite the limited number of companies in this sector [13][14] - The report suggests that the supply-demand dynamics in the market are continuously improving, with a notable focus on AI-related performance [14]

Report Industry Investment Rating No investment rating information is provided in the report. Core Viewpoints - Long - term, major inflection points of convertible bonds are basically synchronous with equities, and capital behavior determines the actual performance of convertible bonds in trending markets. Short - term, capital attitude and behavior determine the performance of convertible bonds around phased inflection points. The convertible bond index may enter a volatile phase in the short term, following changes in the equity market with potentially increased market volatility [1][3][12] - After the adjustment, the average price of convertible bonds has declined, the conversion premium rate has decreased, and the problem of over - valued convertible bonds has been alleviated [19] Summary by Directory 1. Convertible Bond Weekly Thinking - Past week, both the equity and convertible bond markets adjusted, stabilized, and rebounded, with convertible bonds performing slightly better than underlying stocks. The Shanghai Composite Index fluctuated above 3800 points, being weak in the first four trading days and significantly rebounding on Friday. The Wind Convertible Bond Equal - Weighted Index rose 0.51% last week, while the Convertible Bond Underlying Stock Equal - Weighted Index fell 0.75%, and the overall market premium rate increased [10] - Since August 27, the amplitude of the convertible bond market has increased, with different driving factors. On August 27 and September 1, the adjustment was mainly due to capital outflows from the convertible bond market, and convertible bonds underperformed underlying stocks. On September 2, the decline and on September 5, the increase were mainly due to changes in the equity market, with parity driving the performance of convertible bonds. On September 5, the high follow - up performance of convertible bonds was due to capital represented by convertible bond ETFs turning to net inflows [2][11] - Absolute return funds have shifted from direct to indirect holding of convertible bonds. In August, institutions other than public funds basically reduced their holdings of convertible bonds due to the shrinking market size, while public funds continued the growth trend from July. From July to August, absolute return funds such as wealth management subsidiaries and trusts continuously reduced their direct holdings of convertible bonds but indirectly held them by buying fixed - income + funds and convertible bond ETFs. The large - scale inflow of fixed - income + funds, likely synchronous with convertible bond ETFs, started in mid - to - early July, driving up the valuation of convertible bonds. Recently, the attitude of fixed - income + funds has changed due to market fluctuations. Convertible bond ETFs had net outflows on September 1 and 2 and large net inflows on September 5. The previous adjustment of convertible bonds was mainly due to the profit - taking sentiment of absolute return funds, and the weak recovery this time is because the price and valuation of the convertible bond market have reached absolute highs, resulting in the convertible bond trend leading that of the equity market slightly [4][15][16] 2. Convertible Bond Market Tracking 2.1 Convertible Bond Market Conditions - The report provides the performance data of various convertible bond indexes in different time periods, including the past week, two weeks, September to date, one month, two months, half - year, and one year. For example, the Wind Convertible Bond Energy Index rose 1.03% in the past week, - 2.75% in the past two weeks, etc. [22] 2.2 Convertible Bond Individual Securities - The report shows the top ten and bottom ten individual convertible bonds in terms of price changes in the past week, but specific bond names are not provided [24] 2.3 Convertible Bond Valuation - The report presents the valuation trends of different types of convertible bonds, such as debt - type, balanced, and equity - type convertible bonds, including the conversion premium rate trends of different parities of convertible bonds [31] 2.4 Convertible Bond Price - The report shows the price median trend of convertible bonds [35]