证券研究报告 | 行业专题 | 汽车 新能源及出口接续发力，机器人打开成长空间 ——汽车行业半年度业绩综述 投资要点 谐波减速器：蔚瀚智能已成功攻克齿形设计、材料、加工设备三大行业技术难 点。灵巧手：搭载了小巧轻薄的视触觉压阻多模态电子皮肤，核心方案为"摄像 头+硅胶弹性体"集成设计。兰森机器人：以全资子公司隆盛新能源驱动电机马 达铁芯转子产品质检为切入点推动"兰森二代"融入现有业务。战略投资叠动科 技，全球最薄视触觉传感器产业。 汽车 报告日期：2025 年 09 月 09 日 行业评级: 看好(维持) 分析师：刘巍 执业证书号：S1230524040001 liuwei03@stocke.com.cn 研究助理：张逸辰 zhangyichen@stocke.com.cn 相关报告 1 《关注机器人执行器技术变化 与核心标的》 2025.07.17 2 《关注快速增长的细分领域龙 头机会》 2025.07.06 3 《重卡：5 月销量同比连增环 比小降，政策逐步落地促使行业 回温》 2025.06.23 http://www.stocke.com.cn 1/7 请务必阅读正文之后的免责条款部分 行业专题 ❑ ...

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [5] Core Viewpoints - The company has made a strategic choice to sacrifice short-term scale for cash flow security, resulting in a significant decline in sales volume and revenue [1][2] - Despite a decrease in revenue and profit, the company has maintained a solid financial foundation by timely repaying all due debts and optimizing its debt structure [3][9] - The management style is pragmatic and stable, focusing on cash flow and operational efficiency, while strategically reducing investments and concentrating on core cities [8][9] Sales Performance - In the first half of 2025, the company achieved a contracted area of 1.254 million square meters, a year-on-year decrease of 47.84%, and a contracted amount of 17.15 billion yuan, down 52.52% year-on-year [1] - The decline in sales is attributed to both market conditions and reduced investment leading to lower new supply [1] Profitability - The company reported an operating income of 15.678 billion yuan, a year-on-year decrease of 25.80%, and a net loss of approximately 3.7 billion yuan attributable to the parent company [2] - The loss is due to reduced sales volume, lower gross margins on some projects, and asset impairment provisions [2] Financial Stability - The company successfully repaid all due debts, including medium-term notes, which boosts market confidence [3] - As of the reporting period, 98.5% of interest-bearing liabilities are bank loans, with long-term liabilities accounting for 60.88% of total interest-bearing liabilities, indicating a stable debt structure [3] Management Strategy - The company has implemented a flat organizational structure to enhance operational efficiency and focus resources on core businesses and high-potential cities [8] - The total land reserve is approximately 27.01 million square meters, with 79% located in first and second-tier cities, allowing the company to benefit from stable markets and population inflows [8] Product Quality - The company prioritizes project delivery, achieving high customer satisfaction ratings above 90% for several projects, which strengthens its brand reputation [8]

证券研究报告 | 行业专题 | 航空机场 利好在积累，低位需重视 ——航空运输行业专题报告 投资要点 ❑ 扩大服务消费政策出台有望激发增量需求，民航反内卷有望促进量价良性循环 后续民航业或有政策继续加码反内卷，量价有望逐步回归良性循环。6 月 26 日 民航局召开会议专题部署民航领域综合整治"内卷式"竞争工作。7 月 22 日， 在 2025 年全国民航年中工作会议上，民航局局长宋志勇要求加快构建民航领域 统一大市场，综合整治行业"内卷式"竞争。8 月 14 日，中国航协牵头编制《中国 航空运输协会航空客运自律公约》，倡导各企业严格遵守价格法、反不正当竞争 法等相关法律规定，杜绝以排挤竞争对手为目的的恶意竞争行为（如低于成本价 倾销、虚假宣传等），共同维护市场秩序。 9 月有望出台扩大服务消费的若干政策措施。8 月 27 日商务部副部长盛秋平在新 闻发布会上表示，9 月商务部要出台扩大服务消费的若干政策措施，统筹利用财 政、金融等手段，优化提升服务供给能力，激发服务消费新增量。政策将重点支 持创新消费场景，激发消费潜力，比如与相关部门共同开展"全国文化和旅游消 费促进活动"等，大力发展入境消费、人工智能+消费 ...

Report Industry Investment Rating No relevant content provided. Core View The report aims to systematically explain the design logic and usage method of the "Daily Chart" for ETFs from a multi - dimensional perspective to assist investors in asset allocation. The "Daily Chart" uses five indicators, namely "bottom consolidation - stage volume increase - theme catalysis - homogeneous comparison - liquidity optimization", to screen ETFs with potential return elasticity in the future. The screening framework focuses on "low - level consolidation, volume confirmation, theme catalysis, homogeneous de - duplication, and liquidity implementation" to form an operable, reviewable, and iterable ETF candidate list [1]. Summary by Directory 1 ETF Market Expansion Since the beginning of this year, the domestic ETF market has expanded in terms of product supply and trading demand. Different types of ETFs such as broad - based, industry, theme, bond, QDII, and commodity have been continuously refined. ETFs have become the optimal tool for obtaining index exposure during periods of rapid style rotation and frequent structural market conditions. They are more advantageous in asset allocation compared to individual stocks, better meeting the investment needs of trading and allocation funds [9]. 2 Screening Logic - **Low - level Consolidation**: Select ETFs with returns in the bottom 50% in the past month, excluding those affected by suspension and abnormal market conditions, to avoid chasing high and focus on ETFs with potential for valuation and popularity restoration [14]. - **Volume Confirmation**: After the initial screening, choose ETFs with a volume increase of at least 15% compared to ten trading days ago. Volume increase indicates a rise in participants and trading willingness, an improvement in risk preference and a shift in capital attention, as well as an improvement in trading order and liquidity [15]. - **Theme Catalysis**: In the context of theme rotation, use quantitative methods to select high - purity industry - theme ETFs. A penetration - based screening mechanism is set to require at least three of the top ten weighted stocks of candidate ETFs to belong to high - heat theme sectors, ensuring their high - purity tracking of theme markets [16]. - **Homogeneous Comparison**: In the same tracking index group, only retain the ETF with the highest trading volume on the day to reduce impact costs and execution uncertainties [17]. - **Liquidity Implementation**: Set a liquidity threshold, requiring the trading volume of ETFs to be no less than 100 million yuan to ensure their tradability and carrying capacity [18]. - **Final Result**: After the above screening, comprehensively evaluate the qualified samples based on multiple dimensions such as strength continuation, theme resonance, capital acceptance, and trading feasibility. Form a daily list of the top 20 ETFs with the greatest upward potential, which is automatically generated by existing models or processes [19]. 3 Multi - dimensional Perspective of ETF Daily Chart After the market closes, update the data based on the closing price and trading volume of the day. First, standardize the data of all market equity - based ETFs, then review the performance in the past month, the disclosure of the top ten weights, the intraday changes in trading volume and scale, and the consistency between the premium/discount and the tracking index. Apply the five screening criteria to the sample space to select 20 representative ETFs (if more than 20 meet the requirements). When viewing the "Daily Chart", start from the right. The redder the "One - month return" is, the smaller the subsequent upward space; the bluer it is, the greater the potential elasticity. Check the "Main capital net inflow ratio" to verify capital acceptance, ensure the "Trading volume" is above 100 million yuan, and avoid ETFs with large price increases and abnormal premium/discount expansion on the day. Only select the ETF with the highest trading volume in the same tracking index group [20].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved a revenue of 23.46 billion yuan in H1 2025, representing a year-on-year increase of 20.93%, and a net profit attributable to shareholders of 2.744 billion yuan, up 33.44% year-on-year [2][4] - The improvement in C3 price spreads and the release of benefits from new projects contributed to the growth in H1 2025 [2][3] - The company is advancing new projects systematically, enhancing its integrated advantages in the C2 and C3 sectors, and focusing on high-value downstream applications [3][4] - The company is committed to technological innovation, with R&D expenditures of 773 million yuan in H1 2025, representing a R&D expense ratio of 3.29% [4][8] Financial Performance Summary - In H1 2025, the company reported a revenue of 234.60 billion yuan and a net profit of 27.44 billion yuan, with a weighted average return on equity of 8.61% [1][2] - The gross profit margin was 20.56%, a decrease of 0.52 percentage points year-on-year, while the net profit margin increased by 1.11 percentage points to 11.69% [1][2] - For Q2 2025, the company achieved a revenue of 111.31 billion yuan, a year-on-year increase of 5.05%, but a quarter-on-quarter decrease of 9.72% [1][2] Earnings Forecast and Valuation - The company is expected to achieve net profits of 6.35 billion yuan, 7.72 billion yuan, and 9.70 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.89 yuan, 2.29 yuan, and 2.88 yuan [9][11] - The current price corresponds to a PE ratio of 10.87 for 2025, 8.95 for 2026, and 7.12 for 2027, indicating significant growth potential [9][11]

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company has shown significant improvement in its performance in the first half of 2025, with revenue reaching 265 million yuan, a year-on-year increase of 24.66%, and a net profit attributable to shareholders of 17 million yuan, a remarkable increase of 2747.64% [1] - The company is well-positioned to benefit from the ongoing policy support for the ultra-high-definition video industry, with expectations of substantial growth driven by the integration of 5G, AI, and ultra-high-definition technologies [3][4] - The company is actively integrating AI technology into its core products, which is expected to enhance its competitive edge and drive future growth [4] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a gross margin of 56.86%, a decrease of 8.94 percentage points year-on-year, while the net profit margin improved to 6.26%, an increase of 6.13 percentage points [1] - For Q2 2025, the company reported revenue of 134 million yuan, a year-on-year increase of 20.07%, and a net profit of 9 million yuan, marking a turnaround from a loss [1] Product Segmentation - Revenue from video technology products and services was 90 million yuan, up 8.33% year-on-year, accounting for 34.01% of total revenue [2] - The information service terminal revenue surged to 57 million yuan, a 272.85% increase, representing 21.46% of total revenue [2] - Public safety products generated 22 million yuan, a 5.24% increase, while broadband access equipment revenue rose by 38.40% to 19 million yuan [2] Market Outlook - The year 2025 is designated as the "Year of Ultra-High Definition Development" in China, with expectations for the industry to exceed 7 trillion yuan in scale, creating a favorable environment for the company's core business growth [3] - The company is leveraging its unique position in the emergency safety sector, being one of the few manufacturers with comprehensive capabilities in emergency broadcasting solutions [3] AI Integration - The company is advancing its AI technology integration across various applications, including video content recognition and smart editing, which is expected to yield new product offerings and enhance operational efficiency [4] Profit Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are 60 million, 70 million, and 80 million yuan, respectively, with corresponding PE ratios of 142, 118, and 102 [5]

Report Industry Investment Rating No information provided on the report industry investment rating. Core View of the Report The new fund fee rate regulations may cause pressure on the liability side of the bond market. However, from the market performance on the first trading day (September 8) after the release of the draft for soliciting opinions on the new regulations, 1.80% still constitutes an upper - limit resistance level that is difficult for the 10 - year Treasury bond to break through, indicating that the pressure from the new regulations may have been digested to some extent in the short term [1][3][35]. Summary According to the Table of Contents 1. How to Understand the Impact of the New Fund Fee Rate Regulations on the Bond Market? 1.1 New Regulation Details and Fee Reduction Impact Calculation - The third stage of the public fund fee reform is being implemented. On September 5, 2025, the China Securities Regulatory Commission issued the "Regulations on the Administration of Sales Fees of Publicly Offered Securities Investment Funds (Draft for Soliciting Opinions)" [10]. - The new regulations mainly reduce sales - link fees such as subscription/purchase/sales service fees, with the greatest impact on fund sales institutions. The new regulations cover six major aspects: reducing subscription rates, optimizing redemption fee arrangements, standardizing sales service fees, focusing on individual customers, and clarifying the legal status of platforms [11]. - Seven key concerns of the new regulations: - Direct sales are free of subscription/purchase/sales fees, reducing the direct - sales business income of fund companies. For example, fund managers cannot charge subscription (purchase) fees or sales service fees when selling their managed funds [16]. - The upper - limit standards for subscription and purchase of three major types of funds are uniformly lowered, reducing the income of sales institutions in the subscription and purchase links. Retail - customer - dominated institutions may be more affected. For instance, the upper - limit subscription/purchase rates for stock - type, hybrid - type, and bond - type funds are reduced to 0.8%, 0.5%, and 0.3% respectively [16]. - Long - term investors can be exempt from back - end subscription/purchase fees, encouraging long - term holding of funds [21]. - Redemption fees are fully included in the fund property instead of belonging to sales institutions, making the "high - turnover" sales model unfeasible [22]. - Bond funds and FOFs are also subject to redemption fees, increasing the cost of earning additional income through band - trading in off - exchange funds and encouraging long - term investment [24]. - The client maintenance fees for institutional clients are significantly reduced, especially for bond - type and money - market funds, where the trailing commission for institutional clients is reduced to 15%, which may significantly reduce the willingness of some institutions to sell bond funds and money - market funds [25]. - Institutions are encouraged to use the unified direct - sales platform FISP, which will significantly reduce the income of third - party platforms relying on institutional sales [26]. 1.2 How to View the Impact of the New Regulations on the Bond Market - The impact of the new regulations on the bond market mainly lies in two aspects: the increase in redemption fees for bond funds and money - market funds, and the reduction of the trailing commission for institutional clients to 15%. - The new regulations may further weaken the investment income of bond funds, and the liability side of bond funds may be diverted to equity - type hybrid funds or wealth management products. The reduction of trailing commissions may also reduce the willingness of fund sales institutions to sell bond funds and money - market funds [30]. - If funds flow from bond funds and money - market funds to wealth management products or bank deposits, there will be changes in the investor structure and preferred bond types in the bond market. If funds flow to equity - containing funds and the stock market, the frictions in the capital and liability sides of the bond market will be more obvious. - Overall, although the new regulations bring certain liability - side pressure, the pressure may have been digested in the short term. The report maintains the view in the previous report, suggesting that the bond market this year may be similar to the first half of 2015, with a long - lasting volatile market. Looking forward, the 10 - year Treasury bond may fluctuate in the range of 1.70% - 1.80%, and the 30 - year Treasury bond may fluctuate in the range of 1.95% - 2.05%. It is advisable to increase positions at the upper limit and take profits at the lower limit [35].

证券研究报告 | 浙商早知道 报告日期：2025 年 09 月 09 日 浙商早知道 2025 年 09 月 09 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要推荐 【浙商国防 邱世梁/王华君/孙旭鹏】怡合达（301029）公司深度：中国 FA 零件一站式龙头，FB+出海业务打开成 长空间——20250907 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 大势：9 月 8 日上证指数上涨 0.38%，沪深 300 上涨 0.16%，科创 50 上涨 0.58%，中证 1000 上涨 0.9%，创业板指 下跌 0.84%，恒生指数上涨 0.85%。 行业：9 月 8 日表现最好的行业分别是基础化工（+2.85%)、农林牧渔（+2.68%)、机械设备（+2.4%)、传媒（+2.3%)、 美容护理（+2.03%)，表现最差的行业分别是通信（-3.47%)、综合（-1.52%)、非银金融（-0.64%)、银行（-0.59%)、 电子持平。 资金：9 月 8 日全 A 总成交额 ...

证券研究报告 | 浙商早知道 重要点评 报告日期：2025 年 09 月 09 日 浙商早知道 2025 年 09 月 09 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要推荐 【浙商国防 邱世梁/王华君/孙旭鹏】怡合达（301029）公司深度：中国 FA 零件一站式龙头，FB+出海业务打开成 长空间——20250907 【浙商传媒互联网 冯翠婷/陈磊】传媒 行业深度：游戏深度：星辰大海，长期繁荣——20250908 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 大势：9 月 8 日上证指数上涨 0.38%，沪深 300 上涨 0.16%，科创 50 上涨 0.58%，中证 1000 上涨 0.9%，创业板指 下跌 0.84%，恒生指数上涨 0.85%。 行业：9 月 8 日表现最好的行业分别是基础化工（+2.85%)、农林牧渔（+2.68%)、机械设备（+2.4%)、传媒（+2.3%)、 美容护理（+2.03%)，表现最差的行业分别是通信（-3.47%)、综合（-1. ...

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]