国泰海通晨报-20250909

Group 1: Communication Research - The report maintains profit forecasts for Hengtong Optic-Electric and raises the target price while keeping a buy rating; revenue shows steady growth and profits remain stable; marine orders are abundant, and special optical fibers are actively being developed [2][4] Group 2: Transportation Research - The oil shipping market is experiencing a recovery in 2025 H1, with Q3 profits expected to reach a two-year high; the future supply-demand balance for oil shipping is anticipated to improve, supported by a favorable risk-reward ratio due to falling oil prices [5][7] - The long-term logic of oil shipping benefits from global crude oil production increases, with expectations for demand growth as OPEC+ begins to increase production [7][8] Group 3: Nonferrous Metals Research - The lithium supply has increased, effectively compensating for the shortfall in lithium mica; domestic production growth is driving lithium prices back to fundamentals; cobalt products are experiencing structural price increases [3][9] - The demand peak season is approaching, and a temporary supply tightness may occur in September; cobalt may also benefit from a marginal demand recovery [9][11] Group 4: Overseas Technology Research - Apple is set to hold a product launch event on September 9, which is expected to drive a new wave of consumer electronics upgrades; the iPhone 17 series and new Apple Watch models are anticipated to stimulate high-end replacement demand [12][20] - ASML's Q2 new orders have rebounded, while the full-year EUV revenue growth forecast has been revised down due to changes in customer spending strategies [21][22] - Micron Technology has delivered samples of its new HBM4 product to key customers, maintaining its leading position in the industry [21]