Market Overview - The Shanghai Composite Index decreased by 0.2%, while the CSI 300 fell by 0.1%. The STAR Market 50 also dropped by 0.1%, and the CSI 1000 saw a decline of 1.1%. Conversely, the ChiNext Index increased by 0.2%, and the Hang Seng Index decreased by 0.7% [4][3]. - The best-performing sectors included banking (+1.5%), coal (+1.1%), electric equipment (+0.4%), public utilities (+0.4%), and home appliances (+0.1%). The worst-performing sectors were social services (-3.1%), retail (-2.9%), computers (-2.4%), comprehensive (-2.1%), and steel (-2.0%) [4][3]. - The total trading volume in the Shanghai and Shenzhen markets was 24,944 billion yuan, with a net outflow of 4.07 billion Hong Kong dollars from southbound funds [4][3]. Key Recommendations - The report focuses on Changyuan Donggu (603950), highlighting its main business driven by hybridization and its significant expansion into robotics as a new growth point [2]. - The recommendation logic emphasizes that embodied intelligence is driving industry transformation, with the company strategically positioning itself in key robotic components [5]. - The company’s progress in supplying BYD and Seres with hybrid vehicle cylinder blocks and cylinder heads has been stable, with rapid sales growth in these products [5]. - The company is advancing the development of high-performance core modules such as dexterous hands and robotic arms [5]. - Revenue projections for 2025-2027 are estimated at 2,567.68 million yuan, 3,224.17 million yuan, and 3,901.31 million yuan, with growth rates of 33.76%, 25.57%, and 21.00% respectively. Net profit is projected to be 395.75 million yuan, 531.44 million yuan, and 676.48 million yuan, with growth rates of 71.79%, 34.29%, and 27.29% respectively [5]. - The company has become a strategic supplier for Yuchai, providing cylinder blocks and cylinder heads suitable for large-bore diesel engines [5].

Investment Rating - The report indicates a positive outlook for the industry, suggesting that the industry index is expected to outperform the CSI 300 index by more than 10% in the next six months [52]. Core Insights - The report highlights that foreign capital, represented by firms like BlackRock, Fidelity, Robeco, and Baillie Gifford, is increasingly focusing on corporate governance and the protection of minority shareholder rights in their voting practices within A-shares and H-shares [48][49]. - A significant portion of the foreign investors' opposition votes is based on concerns regarding insufficient information disclosure, excessive discretion granted to boards, and potential risks that do not align with the best economic interests of shareholders [48][49]. - The report also notes that foreign investors are beginning to incorporate environmental factors, such as climate risk and deforestation risk, into their voting considerations, particularly in board election proposals [48]. Summary by Sections BlackRock - In the sample of 25 major holdings, BlackRock cast opposition votes on 19 companies, resulting in an overall opposition rate of 76% [13][16]. - The most common reasons for opposition included insufficient information disclosure and excessive discretion granted to the board, with 15 and 15 instances respectively [16][20]. - The top three issues opposed were stock issuance (15 instances), related party transactions (9 instances), and executive compensation (7 instances) [16][20]. Fidelity - Among 14 major holdings, Fidelity opposed votes on 6 companies, leading to an overall opposition rate of 43% [24][27]. - The most frequently opposed issues were board elections and company bylaws, each with 3 instances [26][29]. - Fidelity's opposition reasons were more diverse, including concerns about greenhouse gas reduction commitments, which were not present in BlackRock's rationale [27][29]. Robeco - Robeco held 16 of the 24 companies that received opposition votes from both BlackRock and Fidelity, with an overlap rate of approximately 81% [38]. - The top three issues opposed by Robeco were stock issuance (10 instances), board elections (9 instances), and equity incentives (6 instances) [38]. - Robeco's opposition reasons were more specific and included concerns about climate risks and deforestation, alongside traditional governance issues [39][42]. Baillie Gifford - Baillie Gifford's holdings overlapped less with BlackRock and Fidelity, with only 3 companies receiving opposition votes from them [45]. - The firm engaged in shareholder participation in two companies, focusing on carbon markets and corporate governance [45][47]. - Baillie Gifford's opposition reasons included a lack of independence and insufficient information disclosure, similar to the concerns raised by other foreign investors [45][46].

Market Overview - On September 22, the Shanghai Composite Index rose by 0.22%, the CSI 300 increased by 0.46%, the STAR 50 surged by 3.38%, the CSI 1000 climbed by 0.69%, the ChiNext Index went up by 0.55%, while the Hang Seng Index fell by 0.76% [4] - The best-performing sectors on September 22 were electronics (+3.71%), computers (+1.7%), non-ferrous metals (+0.98%), machinery equipment (+0.86%), and non-bank financials (+0.81%). The worst-performing sectors included social services (-2.04%), beauty and personal care (-1.36%), retail (-1.31%), food and beverage (-1.21%), and construction decoration (-1.07%) [4] - The total trading volume for the A-share market on September 22 was 21,425 billion yuan, with a net inflow of 12.736 billion Hong Kong dollars from southbound funds [4] Company Analysis - The report focuses on Junsheng Electronics (600699), which operates in the robotics and automotive Tier 1 sectors. The company announced a new large order with a total lifecycle order value of approximately 15 billion yuan [5] - The new order is expected to enhance the company's performance, indicating a recovery in profitability and potential growth in the humanoid robotics business [5] - Key catalysts for investment include accelerated mass production of humanoid robots and progress from leading overseas companies [5]

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company's H1 2025 revenue was 260 million yuan, a year-on-year decline of 26.4%, with a net profit attributable to the parent company of -41 million yuan. Q2 revenue was 137 million yuan, down 25.8% year-on-year, but showed signs of improvement compared to Q1. The decline in revenue and profit was attributed to a slowdown in hospital bidding and inventory adjustments. However, H2 is expected to show recovery due to a low base and gradual commercialization of new products [1][2] - The company has launched several new products, including the AQ-400 flagship model and various endoscopes, which are expected to drive new revenue growth. The ongoing development of endoscopic surgical robots and 3D digestive endoscopes is also anticipated to contribute to long-term revenue increases [2] - The gross margin for H1 2025 was 62.4%, down 9.1 percentage points year-on-year, primarily due to an increase in overseas revenue and changes in product mix. The net profit margin is expected to remain low in 2025 but may improve in subsequent years as new products gain traction and bidding activities recover [3] Financial Summary - Revenue projections for 2025-2027 are 753 million, 944 million, and 1.157 billion yuan, with year-on-year growth rates of 0.44%, 25.41%, and 22.55% respectively. Net profit attributable to the parent company is projected to be 30 million, 107 million, and 166 million yuan for the same years, with significant growth rates of 45.12%, 249.40%, and 55.82% respectively [4][5]

Group 1: Key Recommendations - The report highlights Jiangbolong (301308) as a leading player in the full matrix storage industry, driven by "main control expansion + enterprise-level breakthroughs" [3] - The recommendation logic emphasizes the company's continuous breakthroughs and growth in the enterprise storage segment, with expected revenue growth rates of 41.09%, 26.39%, and 23.65% from 2025 to 2027 [3] - The report also identifies Stik (300806) as a leader in functional coating composite materials, with a growth inflection point approaching, supported by a significant increase in electronic-grade adhesive material demand [4] Group 2: Financial Projections - Jiangbolong's projected revenues for 2025-2027 are 24,639.91 million, 31,141.96 million, and 38,506.08 million yuan, with net profits expected to reach 843.17 million, 1,491.97 million, and 2,166.77 million yuan respectively [3] - Stik's projected revenues for the same period are 3,405.54 million, 4,540.38 million, and 5,834.50 million yuan, with net profits forecasted at 102.45 million, 287.35 million, and 464.63 million yuan [4] Group 3: Market Insights - The banking sector report indicates that the recent decline in bank stocks, down 7.3% from July 1 to September 19, 2025, is primarily due to increased risk appetite and liquidity withdrawal [5] - The report suggests that as risk-free interest rates decline and risk appetite stabilizes, the pressure on bank stock outflows is expected to ease, potentially opening up absolute return opportunities [5] Group 4: Catalysts and Drivers - For Jiangbolong, the key catalyst is the increase in storage prices, which is expected to drive revenue growth [3] - For Stik, the demand surge for OCA (Optically Clear Adhesive) in end products is identified as a significant growth driver [4] - In the banking sector, the anticipated decline in risk-free interest rates and stabilization of risk appetite are seen as crucial factors for recovery [5]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The recent performance of the convertible bond market has been significantly weaker than that of the underlying stocks, with the core contradiction being high valuations and a lack of cost - effectiveness. The valuation compression was triggered by the equity market entering a consolidation phase, and the slowdown of incremental funds' allocation. The high valuations also led to a lack of cost - effectiveness in convertible bonds, with high premium rates for different types of convertible bonds [1][2][7]. - The expansion of convertible bond ETFs has made them a timing tool for absolute - return funds. The current stock size of convertible bond ETFs exceeds 70 billion yuan, accounting for over 10% of the convertible bond market. The investment institutions behind these ETFs are mainly absolute - return funds, and the trading flexibility of ETFs provides a good tool for them [2]. - The frequent up - and - down market movements have created opportunities for mispriced bonds. When the market shows adjustment signals, ETF funds often redeem en masse, and then quickly increase positions during the initial rebound of the underlying stocks, leading to market volatility and opportunities for active management institutions to obtain alpha [2][8]. - The optimal strategy in a volatile market is to manage positions in a hierarchical manner. In the long - term, the stock market's positive trend remains unchanged, and convertible bonds have long - term allocation value. In the short - term, the equity market is in a wide - range oscillation. It is recommended to layout industries that benefit from the shift from high - to low - priced stocks at low levels, and make different arrangements for high - priced bonds according to their characteristics. In September, it is suggested to pay attention to bonds such as Shangyin Convertible Bond, Shouhua Convertible Bond, etc. [2][8] Group 3: Summary According to the Table of Contents 1. Convertible Bond Weekly Thinking - The convertible bond market has underperformed the underlying stocks recently, mainly due to high valuations and a lack of cost - effectiveness. The valuation compression was triggered by changes in the equity market and the behavior of incremental funds. High valuations have also made convertible bonds less attractive. The expansion of convertible bond ETFs has changed their role, and the up - and - down market movements have created mispricing opportunities. A hierarchical position management strategy is recommended [7][8] 2. Convertible Bond Market Tracking 2.1 Convertible Bond Market Conditions - Provided the performance data of various convertible bond indices 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 had a - 1.05% change in the past week, - 1.33% in the past two weeks, etc. [13] 2.2 Convertible Bond Individual Securities - Presented the top ten and bottom ten individual convertible bonds in terms of price changes in the past week, but specific bond names were not provided [17] 2.3 Convertible Bond Valuations - Included the valuation trends of bond - type, balanced, and equity - type convertible bonds, as well as the valuation trends of convertible bonds with different parities [19][25] 2.4 Convertible Bond Prices - Showed the proportion trend of high - priced bonds and the median price trend of convertible bonds [27]

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - A V-shaped reversal in coal prices is anticipated, with winter prices expected to reach 800 CNY/ton. The long-term contracts are supporting spot prices, and policy-driven sentiment is leading to significant price increases. The long-term contract prices for September are 674, 613, and 551 CNY/ton for 5500, 5000, and 4500 kcal respectively, with the CCI index showing slight variations [6][26] - The coal market is expected to see a balance between supply and demand gradually, with prices steadily rising. The report maintains a "Positive" rating for the industry and suggests focusing on flexible thermal coal companies and those in turnaround situations in coking coal and coke sectors [6][26] Summary by Sections Coal Sector Performance - The coal sector outperformed the CSI 300 index, with a weekly increase of 3.59% as of September 19, 2025, while the index fell by 0.44%, resulting in a 4.03 percentage point outperformance. A total of 24 stocks in the sector rose, with Yongtai Energy showing the highest increase of 13.42% [2] - Key monitored enterprises reported an average daily coal sales volume of 7.22 million tons for the week of September 12-18, 2025, a week-on-week increase of 5.3%. The average daily production was 7.18 million tons, also up 4.8% week-on-week and 4.4% year-on-year [2][24] Price Trends - As of September 19, 2025, the price of thermal coal (Q5500K) in the Bohai Rim was 676 CNY/ton, a week-on-week increase of 0.15%. The import price index for thermal coal was 812 CNY/ton, up 4.5% week-on-week. Prices at various ports and production areas also showed increases [3] - The price of coking coal at Jingtang Port was 1610 CNY/ton, up 3.9% week-on-week, while the futures settlement price for coking coal was 1216 CNY/ton, reflecting a 6.9% increase [4] Supply and Demand Dynamics - The total coal inventory monitored was 25.54 million tons as of September 18, 2025, a decrease of 1% week-on-week and 6% year-on-year. The cumulative sales volume of key monitored enterprises was 180.46 million tons, down 2.4% year-on-year [2][24] - The report indicates that the demand from the power and chemical industries has varied, with coal consumption in the power sector down 2.9% year-on-year, while the chemical sector saw an increase of 16% [2][24] Investment Recommendations - The report recommends focusing on companies in the thermal coal sector such as China Shenhua, Shaanxi Coal and Chemical Industry, and others, as well as coking coal companies like Huabei Mining and Shanxi Coking Coal. It also highlights companies in the coke sector that are expected to see profit improvements [6][26]

证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 09 月 21 日 7 天期逆回购利率的政策基准定位更加清晰 ——流动性与同业存单跟踪 核心观点 央行公告将公开市场 14 天期逆回购操作调整为多重价位中标，意味着 7 天期逆回购 利率的政策基准定位更加清晰，亦表明 9 月底央行或投放 14 天期逆回购资金助力跨 季资金宽松，同时关注资产负债更为稳健的大行获取 14 天期逆回购资金成本是否会 更低。 ❑ 7 天期逆回购利率的政策基准定位更加清晰 9 月 19 日，央行发布公开市场业务 2025 年第 3 号公告，"为保持银行体系流动 性充裕，更好满足不同参与机构差异化资金需求，即日起，公开市场 14 天期逆 回购操作调整为固定数量、利率招标、多重价位中标，操作时间和规模将根据流 动性管理需要确定"。我们认为，主要有这三点影响： ❑ 风险提示 货币政策超预期变动；海外主要央行货币政策变更后对国内市场产生外溢效应； 狭义流动性向广义流动性加速传导。 http://www.stocke.com.cn 1/12 请务必阅读正文之后的免责条款部分 ❑ 第一，进一步明确了 7 天 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company is positioned as a core component supplier in "Deep Sea Technology," benefiting from the upturn in the shipbuilding and offshore oil and gas sectors, while floating wind power presents significant growth opportunities [1][2] - The floating wind power market is expected to enter a commercialization phase by 2030, with a projected compound annual growth rate (CAGR) of 70% from 2024 to 2030, and an estimated market space of approximately 14.3 billion in 2034 [2][3] - The offshore oil service sector has seen a significant increase in new orders, with approximately 39,500 tons of new orders in the first half of 2025, indicating a high order volume and favorable market conditions [3] - The shipbuilding industry is entering a mid-cycle upturn, driven by a combination of replacement cycles and environmental regulations, leading to increased demand for ship anchor chains [3] Summary by Sections Market Expectations - The floating wind power market's commercialization timeline remains uncertain, while the price elasticity of ship anchor chains is relatively low compared to new ship prices [2] Project Insights - Currently, there are five operational floating offshore wind projects, with three more in progress in China, indicating a growing interest in this sector [2] - The global floating wind power market is projected to add 1.03 GW of new installed capacity by 2030, with significant growth expected through 2034 [2] Financial Projections - The company is expected to achieve net profits of approximately 317 million, 399 million, and 485 million from 2025 to 2027, reflecting year-on-year growth rates of 13%, 26%, and 22% respectively, with a CAGR of 20% [6][13] - The price-to-earnings (P/E) ratio is projected to be 30, 23, and 19 times for the years 2025, 2026, and 2027 respectively [6][13] Unique Insights - The report highlights a shift in market perception regarding the company's revenue sources, now recognizing the potential of floating wind power alongside traditional ship and offshore oil service chains [5] - The company is positioned as a key player in the shipbuilding sector and a strong candidate in the wind power components market, suggesting a robust investment opportunity [5]

Investment Rating - The investment rating for the company is upgraded to "Buy" [6][13]. Core Views - The company is positioned as a leading express delivery service in Southeast Asia, following the expansion of Chinese e-commerce giants into international markets. The anticipated rapid establishment of new sites and higher-than-expected GMV growth will drive the company's global network development and volume growth, replicating its success in Southeast Asia to new markets such as Latin America and the Middle East [1][2]. Summary by Sections Southeast Asia Market - The e-commerce GMV in Southeast Asia is expected to reach approximately $306.26 billion in 2025, growing by 28.5% year-on-year, with an e-commerce penetration rate projected to rise to 24.9% [2]. - The company achieved a package volume of 3.23 billion items in Southeast Asia in H1 2025, a year-on-year increase of 57.9%, maintaining a market share of 32.8% [3]. - Revenue in Southeast Asia for H1 2025 was $1.97 billion, representing a 29.6% year-on-year growth, with an adjusted EBIT of $230 million, up 74.0% year-on-year [3]. New Markets - The company entered new markets in the Middle East and Latin America in 2022, with the GDP of these markets expected to reach $5.8 trillion by 2025. The e-commerce retail market in these regions is projected to grow by 23.6% year-on-year, reaching $163.55 billion [4]. - In H1 2025, the company’s package volume in new markets increased by 21.7% to 166 million items, with a market share of 6.2% [5]. - The company has established partnerships with international e-commerce platforms such as Temu, Shein, TikTok, AliExpress, and Shopee in new markets [5]. China Market - The company has seen a recovery in domestic profits due to price increases, with over 80% of the market share in China announcing price hikes. The industry is expected to experience a seasonal uptick in prices, supporting the company's profitability [12]. Financial Forecasts - The adjusted net profit forecasts for the company are $400 million, $710 million, and $950 million for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 27.3, 15.5, and 11.5 [13][15].