华泰证券今日早参-20250910

Macro Insights - In August, global manufacturing PMI showed a stronger-than-expected recovery, particularly in the US, Japan, and the Eurozone, indicating resilience in the global manufacturing cycle [2] - Global service PMI slightly declined but remained at a high level, with developed countries experiencing a minor drop while emerging markets continued to improve [2] Industry Strategy - The overall industry sentiment index for all non-financial sectors has risen for three consecutive months, with significant improvements in large financial, TMT, upstream resources, and midstream materials sectors [3] - Key sectors benefiting from the AI industry cycle include communication equipment, storage, software, and gaming, while coal, non-ferrous metals, and certain chemicals are recovering due to anti-involution policies [3] - Investment focus should be on AI, pharmaceuticals, and financial sectors, with specific attention to innovative drugs, storage, software, non-ferrous metals, chemicals, engineering machinery, insurance, and battery/photovoltaic sectors [3] Company Highlights - Zhuhai Guanyu (688772 CH) is a leading consumer battery company with a target price of 33.25 CNY, expected to see a net profit growth of 42% in 2025 [7] - Kangfang Biopharma (9926 HK) shows promising survival benefit trends in its HARMONi study, supporting its competitive position in the EGFRm NSCLC market [8] - Juzi Biotechnology (2367 HK) demonstrated resilience in revenue and profit growth in H1 2025, with expectations for accelerated growth in H2 due to brand promotion activities [9] - Haitan Weiye (603288 CH) has revised its employee stock ownership plan to a more aggressive target, indicating strong internal growth expectations [10] - XGIMI Technology (688696 CH) is enhancing its employee stock plan to improve governance and competitiveness, with a focus on expanding its market share in both consumer and commercial sectors [11]