光大证券晨会速递-20250925

Group 1: Bond Market Analysis - As of the end of August 2025, the total bond custody amount in China reached 174.54 trillion yuan, with a net increase of 1.51 trillion yuan month-on-month, which is a decrease of 0.24 trillion yuan compared to the end of July [1] Group 2: High-end Manufacturing Industry - In the first eight months of 2025, the export growth rates for electric tools, hand tools, and lawn mowers were 1%, -5%, and 45% respectively, while forklifts, machine tools, and industrial sewing machines saw growth rates of 1%, 14%, and 16% respectively [2] - The export growth rates for major engineering machinery categories such as excavators, tractors, and mining machinery were 14%, 25%, 30%, and 23% respectively [2] - The trend of declining exports to the U.S. continues, but the engineering machinery category remains in a high prosperity phase, with significant adverse impacts from tariffs on exports to North America [2] Group 3: Brain-Computer Interface Industry - The brain-computer interface market is projected to reach 7.63 billion USD by 2029, driven by policy support and demand from conditions like stroke and ALS [3] - A joint policy from seven departments outlines development goals for the industry, creating a "policy-research-application" closed loop, with a clearer commercialization path [3] - Recommended companies to watch include Xiangyu Medical, Weisi Medical, Chengyitong, Mailande, Aipeng Medical, and Sanbo Brain Science [3]