Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Insights - Micron's exit from the mobile NAND market is driven by strategic focus and alignment with industry trends, rather than solely profitability concerns [2] - The storage industry is witnessing a shift where wafer manufacturers focus on front-end processes, allowing storage solution providers to enhance their value by developing customized solutions [3] - The exit of Micron, a leading manufacturer, will improve the competitive landscape and create new demand redistribution dynamics within the industry [3] Summary by Sections Micron's Market Exit - Micron has announced significant layoffs in its UFS and eMMC departments, ceasing the development of mobile NAND products due to poor financial performance and slower growth compared to other NAND opportunities [1] - The decision reflects a broader trend where mobile NAND is increasingly customized, with phone manufacturers procuring wafers and outsourcing the design and production of storage solutions [2] Industry Trends - The storage industry is evolving, with major wafer manufacturers concentrating on front-end processes, thus providing more opportunities for storage solution providers to engage directly with clients [3] - The demand for high-performance, high-speed, and high-capacity storage solutions is expected to rise, particularly in the AI era, leading to greater value for solution providers [3] Beneficiaries of the Shift - Storage solution providers, particularly those with a high proportion of embedded storage, such as Jiangbolong and Baiwei Storage, are positioned to benefit from the favorable industry trends following Micron's exit [4]

Market Overview - On August 13, the Shanghai Composite Index rose by 0.48%, the CSI 300 increased by 0.79%, the STAR 50 gained 0.74%, the CSI 1000 climbed 1.45%, the ChiNext Index surged 3.62%, and the Hang Seng Index went up by 2.58% [4][5]. - The best-performing sectors on August 13 were telecommunications (+4.91%), non-ferrous metals (+2.37%), electronics (+2.01%), pharmaceutical biology (+1.73%), and electric power equipment (+1.66%). The worst-performing sectors included banking (-1.06%), coal (-0.81%), food and beverage (-0.42%), textiles and apparel (-0.4%), and public utilities (-0.2%) [4][5]. - The total trading volume for the A-share market on August 13 was 21,752.11 billion yuan, with a net outflow of 8.277 billion Hong Kong dollars from southbound funds [4][5]. Important Recommendations - The report highlights the company "ThinkScan Technology" (688583) as a leader in 3D laser scanning technology, emphasizing its potential for global competitiveness [6]. - The recommendation logic is based on the belief that 3D laser scanning is a high-growth new industry with significant potential, contrary to market perceptions of limited growth due to a fragmented downstream market [6]. - The company's products are applicable in various fields such as quality inspection, simulation assembly, motion state analysis, and reverse engineering, with a traditional coordinate measuring machine market size of 39.7 billion yuan in 2023 [6][7]. - The report anticipates that the penetration of 3D laser scanning technology will increase, driven by its efficiency compared to traditional measurement methods [6][7]. Key Drivers - Expansion of downstream application areas, increased demand for optical inspection, and improvements in product competitiveness due to technological breakthroughs are identified as key drivers for the company's growth [7]. Profit Forecast and Valuation - The projected revenue for the company from 2025 to 2027 is 416 million yuan, 560 million yuan, and 726 million yuan, with growth rates of 25%, 35%, and 30% respectively. The net profit attributable to the parent company is expected to be 149 million yuan, 202 million yuan, and 272 million yuan, with growth rates of 24%, 35%, and 35% respectively [7]. - Earnings per share are forecasted to be 1.69 yuan, 2.28 yuan, and 3.08 yuan, with price-to-earnings ratios of 57, 42, and 31 times [7]. Catalysts - Growth in company orders, the release of production capacity from fundraising projects, and the expansion of 3D laser scanning technology applications in the robotics sector are seen as catalysts for future growth [7]. Important Insights - The report discusses the concept of responsible management in the context of ESG (Environmental, Social, and Governance) practices, emphasizing the need for public fund managers to adopt soft governance strategies to enhance corporate governance, particularly in protecting minority shareholder rights [8][9]. - The shift towards responsible management is viewed as a new model of corporate governance driven by changes in investor structure [9].

1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - After two years of debt resolution, there are improvement signals in the total amount of urban investment debt, with the proportion of bank loans increasing and the "stable quantity and falling price" of urban investment debt driving down interest - payment expenditures. The changes in fundamentals are consistent with the pricing trend of urban investment bonds. In July, the urban investment sentiment index improved, with a double - decline in the number of non - standard and private placement products. The issuance and review side improved month - on - month but remained tight overall, and the urban investment bonds continued to shrink. The trading sentiment in the secondary market warmed up, and the model pointed to going long. In the volatile market, the coupons of medium - and short - term bonds are more certain [1]. - The supply - and - demand pattern of urban investment bonds continues, and institutions still lack coupon assets. Although the registration scale and feedback days on the issuance and review side improved slightly month - on - month, the supply remained tight overall. In July, there was a net outflow of 21.784 billion yuan in urban investment bonds, and the outstanding scale continued to shrink. On the demand side, the net purchase volume of funds was not large in July due to subscription and redemption, while the allocation rhythm of wealth management was not significantly affected. With the relief of the redemption pressure on funds and the seasonal growth of wealth management scale after the quarter, the allocation power of credit bonds in the third quarter is expected to be strongly supported [2]. 3. Summary According to the Table of Contents 3.1 What Changes Have Occurred in Urban Investment Debt in Two Years of Debt Resolution? 3.1.1 Changes in Urban Investment Debt Structure - At the industry level, the scale of urban investment debt is still growing, and the proportion of bank loans has increased slightly. As of the end of March 2025, the total interest - bearing debt of urban investment platforms was 61.72 trillion yuan, a 9.4% increase from the end of June 2023. Among them, bank loans, bonds, and non - standard debts were 40.67 trillion yuan, 15.41 trillion yuan, and 5.63 trillion yuan respectively, with increases of 13.06%, 2.25%, and 4.97% respectively compared to the end of June 2023. The proportion of bank loans in the interest - bearing debt of urban investment platforms increased from 63.76% at the end of June 2023 to 65.9% at the end of March 2025 [14][15]. - There are differences among provinces. As of the end of March 2025, 18 provinces saw an increase in the proportion of bank loans, and 8 provinces including Ningxia, Hainan, Inner Mongolia, etc. had an increase of more than 3 percentage points. The financing structures of key provinces such as Gansu, Guangxi, Guizhou, etc. improved, with an increase in the proportion of bank loans and a simultaneous decrease in the proportion of bonds and non - standard debts [18][19]. 3.1.2 Has the Interest - Payment Pressure of Urban Investment Been Alleviated? - The costs of all channels have decreased. Since June 2023, the financing costs of bank loans and non - standard financing have decreased. In March 2025, the bank loan interest rate was 3.26%, a 69 - basis - point decrease from June 2023, and the non - standard financing cost was 5.14%, a 208 - basis - point decrease. The issuance coupon rate of urban investment bonds also decreased, reaching 2.2% in July 2025 [21]. - The annual interest - payment has decreased by over 190 billion yuan. The interest expenditure of bank loans decreased by 28.438 billion yuan, that of urban investment bonds decreased by 135.535 billion yuan, and that of non - standard debts decreased by 26.173 billion yuan [23][24]. - Except for Beijing and Shanghai, the interest - payment expenditures of urban investment bonds in all provinces have decreased. The interest - payment expenditures of urban investment bonds in some economically strong provinces and provinces that have received more debt - resolution support, such as Jiangsu and Zhejiang, have decreased significantly [29]. 3.2 Market Outlook: Medium - and Short - Term Urban Investment Bonds Are More Certain - In early July, the bond market adjusted due to the anti - involution policy. In the second half of the month, under the influence of multiple factors, the market sentiment eased, and the market started to repair and re - price funds and fundamentals. In the volatile bond market, medium - and short - term coupon assets are more certain, and the recovery of low - and medium - grade urban investment bonds is favored [32]. 3.3 Primary Issuance: Supply Remains Tight, and Issuance Enthusiasm Is High 3.3.1 Urban Investment Bond Issuance and Review Situation - The issuance and review rhythm improved month - on - month but remained tight overall. In July, the registration quota of urban investment bonds in the inter - bank market was 11.7091 billion yuan, a 52.69% month - on - month increase, but the registration completion ratio was only 11%. The number of feedbacks before the meeting decreased from 2.7 times in June to 2.28 times in July but remained at a relatively high level [34]. - The use of raised funds is still mainly for debt replacement, and it is difficult to break through new increments. In July, the proportion of debt replacement in the raised funds of urban investment bonds was 86.13%, and the proportion of other new uses was 3.62%, the lowest in 2025 [36]. 3.3.2 Urban Investment Dim - Sum Bonds: Increased Month - on - Month - The issuance of urban investment dim - sum bonds reached a new high in 2025 but was less popular than the same period last year. In July, 13 urban investment dim - sum bonds were issued, with a total scale of 8.273 billion yuan, significantly lower than 20.166 billion yuan in the same period of 2024. Henan and Shandong were the main issuers [42]. 3.3.3 The Issuance Enthusiasm Remains High, and the Coupon Rate Reached a New Low in the Year - The overall subscription enthusiasm in the primary market of urban investment bonds remained high. In July, the subscription multiple of urban investment bonds reached 3.67 times, and the "issuance coupon - lower limit of the range" was 34.75BP, lower than the same period last year [47]. - The issuance term of urban investment bonds was concentrated in 3 - 5 years, accounting for 46.48% in July. The weighted issuance coupon rate in July was 2.2%, a 7 - basis - point decrease from the previous month [49][50]. 3.3.4 Continued Net Outflow, and Urban Investment Bonds Further Shrunk - The net financing scale of urban investment bonds generally decreased, and the financing of key provinces tightened more significantly. In July, the cumulative net financing scale of urban investment bonds in key provinces was - 104.293 billion yuan, and that in non - key provinces was - 43.302 billion yuan [53]. 3.4 Secondary Market: Trading Sentiment Warmed Up, and the Model Pointed to Going Long 3.4.1 The Turnover Ratio of Each Term Declined Month - on - Month, and 3 - Year Urban Investment Bonds May Be More Suitable for Trading - Since the beginning of 2024, credit bonds have gradually moved towards the logic of liquidity pricing. The liquidity of bonds with a term of less than 1 year is better than that of medium - and long - term bonds. The turnover ratio of 3 - 5 - year bonds slightly recovered in June and July, and 3 - year high - grade urban investment bonds are more suitable for trading [54][55]. 3.4.2 Good Trading Sentiment, and More Low - Valuation Transactions - After a short - term adjustment, the weekly main - buying index began to rise, and the bullish sentiment quickly recovered. In the last week of July, the proportion of Bid transactions reached 34.52%, and the TKN proportion increased by 13.9 percentage points month - on - month [56]. - Low - valuation transactions of urban investment bonds reappeared, and the transaction term remained at a high level. On July 31, the deviation was - 2.40BP, and the weighted transaction term on the last trading day of July was 2.51 years, at the 82.2% quantile level since the beginning of 2024 [56].

Core Insights - The probability of interest rate cuts within the year has decreased, with demand-side policies potentially sustaining inflation expectations, leading to continued pressure on the bond market and further postponement of the buying window [1][3][28] - The personal consumption loan interest subsidy policy is expected to compress the central bank's total monetary policy easing space, with the next potential rate cut window likely pushed to the first quarter of 2026 [3][12][28] - Inflation expectations have been reinforced under the "anti-involution" policy, with demand-side policies providing better support for price increase expectations, leading to a resurgence in "anti-involution trading" [2][20][28] Summary by Sections Understanding Personal Consumption Loan Interest Subsidy Policy - The policy covers personal consumption loans under 50,000 yuan and key areas such as automotive, healthcare, and education, with a maximum subsidy of 3,000 yuan for eligible borrowers [10][11] - The subsidy is equivalent to a targeted interest rate cut of 0.5-1 percentage points, reducing the effective financing cost for consumers [11][12] Impact on Bond Market - The bond market's buying window is likely to be further delayed due to the subsidy policy, which compresses the central bank's monetary policy easing space [3][28] - The anticipated inflation expectations and strong performance in the equity market may continue to exert pressure on the bond market [28] Inflation Expectations and Market Dynamics - The "anti-involution" policy has led to a self-reinforcing cycle of price signals and inflation expectations, with significant price increases in sectors like coal and steel [2][20] - The market has begun to bet on a re-inflation scenario, with indicators showing a shift in investor sentiment towards inflationary expectations [20][27]

证券研究报告 | 浙商早知道 报告日期：2025 年 08 月 13 日 浙商早知道 2025 年 08 月 13 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 重要点评 ❑ 【浙商机械 邱世梁/王华君/何家恺】中力股份（603194）公司点评：与白犀牛战略合作共建智慧物流体系，智能 搬运机器人打开空间——20250812 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 1、主要事件 与白犀牛战略合作共建智慧物流体系，智能搬运机器人打开空间 ❑ 大势：周二上证指数上涨 0.5%，沪深 300 上涨 0.5%，科创 50 上涨 1.9%，中证 1000 上涨 0.3%，创业板指上涨 1.2%，恒生指数上涨 0.3%。 ❑ 行业：周二表现最好的行业分别是通信（+2.2%)、电子（+1.9%)、煤炭（+1.0%)、家用电器（+0.7%)、房地产 （+0.7%)，表现最差的行业分别是国防军工（-1.0%)、钢铁（-0.8%)、建筑材料（-0.5%)、食品饮料（-0 ...

证券研究报告 | 深度研究 | ESG 及绿色金融 以责促优，共筑价值：公募基金 ESG 尽责管理新范式（一） 核心观点 尽责管理本质上是投资者结构变迁下的公司治理新模式。国内公募基金管理人在短中 期内应采取软性治理策略，并尽可能地成为上市公司治理中"具有互惠性质的积极参 与者"，降低公司治理环节的内部摩擦。公募基金尽责管理现阶段的主要任务和最具普 适性的议题应集中在提升公司治理水平，特别是中小股东权利保护上。 ❑ 尽责管理本质上是投资者结构变迁下的公司治理新模式 以美国市场为代表的资管机构主导公司治理模式的形成，是资本市场长期发展过 程中满足较多严苛条件下的产物。但可能也是现阶段可实现"覆盖度广+影响力高" 的一种上市公司治理模式，对我国资本市场和公募基金高质量发展有重要的参考 意义。 ❑ 公募基金尽责管理三大问：委托代理、投资者结构和组合分散化 委托代理问题将因监管要求和尽责管理的投资价值而得到有效缓解。目前 A 股公 司治理模式的最大特点是混合了"控股大股东+专业机构+居民部门"，这一模式并 非终局，而仍在动态演变中。被动指数化会导致低换手率和退出减少，公募基金 逐渐成为耐心资本，实现"组合分散+股东权 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue of 3.495 billion yuan in the first half of 2025, representing a year-on-year growth of 21.38%, while the net profit attributable to shareholders was a loss of 170 million yuan, reducing losses by 63.82% [1] - The company has seen significant growth in its four main business areas: automotive, industrial control, consumer electronics, and AI-related applications, contributing to a steady increase in revenue [2] - The transition to a system-level foundry model has enhanced the company's growth potential, allowing it to provide comprehensive chip system services, which has led to a substantial increase in revenue from module packaging [3] - Continuous breakthroughs in product development and market expansion, particularly in the AI sector, have positioned the company favorably for future growth [4] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 1.762 billion yuan, a year-on-year increase of 15.39%, and achieved a net profit of 12 million yuan, marking a return to profitability [1] - The company expects revenues for 2025-2027 to be 8.411 billion yuan, 10.605 billion yuan, and 13.256 billion yuan, respectively, with corresponding net profits of -446.71 million yuan, 662.39 million yuan, and 1.33282 billion yuan [8] Business Segments - Revenue from automotive, industrial control, and consumer electronics grew by 23%, 35%, and 2% respectively in the first half of 2025, with AI-related applications contributing 196 million yuan, accounting for 6% of total revenue [2] - The module packaging business saw a revenue increase of 141%, with automotive power module revenue growing over 200% [3] Market Position and Strategy - The company has successfully transitioned to a system-level foundry model, enhancing its service offerings and market recognition, particularly in automotive and AI sectors [3] - The company is actively expanding its presence in emerging markets, with significant advancements in automotive and data center technologies [4]

Market Overview - On August 11, the Shanghai Composite Index rose by 0.34%, the CSI 300 increased by 0.43%, the STAR 50 climbed by 0.59%, the CSI 1000 went up by 1.55%, the ChiNext Index surged by 1.96%, and the Hang Seng Index gained 0.19% [3][4] - The best-performing sectors on August 11 were power equipment (+2.04%), communications (+1.95%), computers (+1.94%), electronics (+1.76%), and food and beverage (+1.45%). The worst-performing sectors included banking (-1.01%), oil and petrochemicals (-0.41%), coal (-0.35%), utilities (-0.31%), and transportation (-0.19%) [3][4] - The total trading volume for the A-share market on August 11 was 1,849.9 billion yuan, with net inflow from southbound funds amounting to 38.34 million Hong Kong dollars [3][4] Key Insights - The report indicates that the A-share market is currently experiencing its first "systematic slow bull" market in history. The long-term target for the Shanghai Composite Index is likely no longer limited to challenging the 3,674 high point, with a recommendation to focus on "large finance + pan-technology" sectors [5][6] - Since the initiation of the stock split reform in April 2005, the A-share market has undergone four bull markets, with the first three being "systematic bull markets" characterized by steep upward slopes. The fourth was a "structural bull market" with a more gradual increase, driven primarily by capital market reforms and liquidity easing [5][6] - The report suggests that the market began a long-term bottoming process in 2024, with a strong market performance following April 7, 2025, marking the start of the fifth bull market in A-share history. The current "systematic slow bull" is driven by improved risk appetite and declining risk-free interest rates, alongside China's rise and advantages, creating a "slow" bull market structure [5][6] Sector Focus - The report emphasizes a focus on sectors with external advantages and improving prosperity, such as innovative pharmaceuticals and new energy, as well as defensive sectors that serve as "ballast," particularly banks [6]

WAIC 2025 上，AI 在多场景快速落地，展现强劲算力需求与商业潜力。京东发 布 JoyAI 大模型，参数覆盖 3B 至 750B，已应用于物流、零售、供应链等垂直领 域，显著提升推理效率与行业赋能。具身智能成为热点，商汤发布"悟能"平台， 融合大模型与世界模型，推动机器人具备真实环境中的感知、理解与执行能力。 自动驾驶加速落地，WeRide 获 L4 Robotaxi 运营牌照，斑马智行展示多模态智能 座舱，萝卜快跑接入 Uber 全球网络，部署千辆无人车。高并发、低延迟、端侧 部署等新需求为公司提供广阔市场空间与落地机遇。 ❑ 中美贸易战带来结构性利好，出口管制倒逼本土创新崛起 美国持续收紧高性能 AI芯片出口，限制 A100、H800等型号，制约国内训练与推 理能力。但这也为国产芯片提供替代窗口。公司具备自研指令集与微架构能力， 能绕开关键依赖，成为"去美化"背景下的重要支撑。尽管 H20 放开出口将短期 加剧竞争，但中长期看，自主可控仍是主线，政策与应用倾斜将持续利好本土厂 商。行业出清有望加快，推动缺乏核心技术的企业出局，有助于公司进一步巩固 市场地位。在政策支持、需求升级与客户信任增强下，公 ...

Investment Rating - The report assigns a "Buy" rating for the company [5][72]. Core Views - The company's gaming business, led by its wholly-owned subsidiary Kemu Games, has a strong track record in overseas game publishing, with past titles like "Age of Origins" and "War and Order" generating revenues exceeding 30 billion and 10 billion respectively. Future titles such as "Stellar Sanctuary" and "Next Agers" are expected to exceed revenue expectations [1][4]. - The company is positioned in the low-performing segment of the gaming sector for 2025, with its current stock price reflecting only the expected performance of existing games and not accounting for new product lines [3][4]. - The company is projected to achieve revenues of 69.3 billion, 89.4 billion, and 99.3 billion for 2025, 2026, and 2027 respectively, with net profits of 12.9 billion, 19.6 billion, and 21.5 billion [5][72]. Summary by Sections Company Overview - The company, established in 1998 and listed in 2009, aims to be a leader in the digital economy with a focus on game development and AI technology [18][19]. - Its gaming business is a top-tier player in the domestic mobile game market, with over 250 million registered users across more than 150 countries [19]. Industry Analysis - SLG games are characterized by high entry barriers and sustained revenue generation, with a typical lifecycle of 6 to 8 years [26]. - The "SLG+X" model, which integrates various gameplay elements, has gained popularity and is expected to enhance user acquisition and retention [35]. Financial Performance - The company has shown significant revenue growth, with a peak revenue of 19.4 billion in Q4 2024 and a record net profit of 4.63 billion in Q3 2024 [23][25]. - The overall expense ratio has improved, with a notable decrease in sales expense ratio from 54.5% in Q1 2021 to 43.5% in Q1 2025 [25]. New Product Development - The upcoming titles "Stellar Sanctuary" and "Next Agers" are set to initiate a new product cycle, with "Stellar Sanctuary" expected to contribute significantly to revenue [53][66]. - The company has multiple SLG games in development, with plans for commercial testing in the near future [60]. Valuation and Market Potential - The estimated target market capitalization for 2026 is around 400 billion, based on a P/E ratio of 20 times projected earnings [4][72]. - The global SLG game market is anticipated to exceed 20 billion USD by 2027, indicating strong growth potential for the company [30].