证券研究报告|投资策略周报 [Table_Date] 2025 年 10 月 08 日 [Table_Title] 更应视为科技 AI 主线的"黄金周" [Table_Title2] 投资策略周报 [Table_Summary] ·国庆假期大类资产表现：全球股市普涨，科技股走势亮眼，黄金和比特币续创新高。回顾国庆假期期间（10 月 1 日-10 月 7 日）大类资产表现，主要两条主线：一是人工智能投资热潮驱动下，AI 和半导体相关科技股走势亮 眼。期间费城半导体指数大涨 4.16%，中国香港、中国台湾和韩国股市半导体板块亦大幅走强；二是美国政府"停 摆"导致的不确定性和美联储降息预期强化下，黄金和比特币创下新高。其他市场方面，"高市早苗"交易导致日 本资产波动剧烈，日股大涨，日本长债收益率上行，40 年日债收益率升至 3.5%；日元汇率迅速贬值，对美元指数 起到一定支撑。 一、"科技股"黄金周，全球 AI 领域催化频繁。1）海外科技巨头加快 AI 基础设施投资和合作，如：英伟达联手 富士通打造 AI 基础设施；OpenAI 与韩国芯片巨头三星电子和 SK 海力士宣布建立合作关系，为"星际之门"项目 提供芯片及 ...

南报网讯（记者 徐宁） 10月3日至9日，2025世界客车博览会（BusWorld Brussels 2025）在比利时科特 赖克展览中心举办。记者从创维汽车获悉，这家来自南京的企业携多款全新电动化车型在博览会上精彩 亮相，获得来自全球各地的行业嘉宾、合作伙伴的广泛关注与高度评价。 这个两年一届的国际客车与巴士行业盛会上，会聚了来自世界各地的制造商、供应商和行业专家，共同 展示最新的车辆产品与创新技术，来自中国的80余家参展企业亮相，集中展示绿色出行的"中国方案"。 作为中国新能源商用车领域的重要力量，创维汽车依托超过25年的巴士制造经验与15年新能源技术积 累，致力于为全球提供绿色、智慧的交通解决方案。10月4日晚，创维汽车在本届博览会现场发布3款重 磅新能源车型，分别为12米纯电动城市公交NJL6128BEV、创维都市精灵电动迷你巴士、全新电动大 VAN创维鸿途（分为货运版和客运版），精准聚焦欧洲市场需求，全面覆盖城市物流、旅游接驳、公 共交通与密集城区通勤四大关键场景。 据介绍，纯电动城市公交NJL6128BEV集美学设计、乘坐舒适与尖端技术于一身，采用低地板、无障碍 通道及地铁式扶手设计，搭载智能驾驶 ...

Core Insights - The successful test flight of the JDY-100B heavy-lift drone by Xi'an Tianyi Technology Group demonstrates China's leading position in the heavy-lift drone sector, achieving a record for multi-rotor drones at high altitudes [1][2] Group 1: Technical Achievements - The JDY-100B drone, with a maximum takeoff weight of 221 kilograms and a payload capacity of 100 kilograms, performed exceptionally well in high-altitude conditions, transporting a 30-kilogram load for 15 minutes [1] - The drone's design incorporates several innovative technologies, including an optimized rotor system for lift efficiency in low-pressure environments, a smart battery management system for dynamic energy output, and multi-sensor fusion algorithms for real-time flight stability [2] Group 2: Market Implications - The success of the JDY-100B is indicative of the rapid development of China's heavy-lift drone industry, which is evolving from a single-use tool to a smart node connecting physical and digital worlds across various sectors such as logistics, rescue, and power [3] - The Chinese drone market is projected to exceed 100 billion yuan by 2025, with industrial applications accounting for over 60% of this growth, particularly in the demand for 80-120 kilogram pure electric transport drones [3]

李昇介绍，技术进步与成本下降为风电光伏规模化发展奠定基础。我国新能源通过自主创新与国际合作，实现技术快速进 步，风电和光伏发电效率持续提升，度电成本显著下降。当前，我国市场主流的n型TOPCon光伏电池平均转换效率达到 25.4%，屡次刷新世界纪录；陆上风电机组最大单机容量达到16兆瓦，海上风电机组最大单机容量达到26兆瓦。完整的产 业链供应链和充分的市场竞争，使我国新能源产品具备全球竞争力。 据悉，我国已建成全球最大的清洁能源供应体系，风电、太阳能发电产品出口覆盖200多个国家和地区，风电零部件产量占 全球70%以上，光伏产业链各环节全球占比超75%。完整的产业链、领先的技术和持续创新能力为未来发展提供坚实保 障。（ 丁怡婷 ） （来源：人民日报客户端） 记者26日从国家能源局获悉：截至8月底，全国累计发电装机容量36.9亿千瓦，同比增长18.0%。其中，太阳能发电装机 容量11.2亿千瓦，同比增长48.5%；风电装机容量5.8亿千瓦，同比增长22.1%。我国太阳能、风电装机已达约17亿千 瓦，相当于70多个三峡电站的总装机。1至8月份，太阳能、风电新增装机合计超2.8亿千瓦。 9月24日，习近平主席在联合 ...

Core Viewpoint - The competition in the Chinese MPV market has shifted from basic attributes like space and comfort to advanced technologies such as new energy and intelligent driving, with a focus on the 300,000 yuan segment being the most competitive and dynamic [2][3][29] Group 1: Market Dynamics - The MPV market is experiencing a significant transformation, with the demand now driven by multi-child families seeking value, experience, safety, and brand recognition [3][4] - The market for MPVs priced above 300,000 yuan is particularly competitive, with numerous new models emerging from both domestic and joint venture brands [2][3] - The overall MPV market has seen a decline in new vehicle registrations, dropping from nearly 2 million in 2017 to around 1 million in 2024, indicating a shrinking market with increasing competition [6][9] Group 2: Challenges in Creating Best-Selling MPVs - Creating a best-selling MPV is challenging due to the limited number of successful models in the market, with only a few like the Toyota Alphard and Buick GL8 achieving significant recognition [6][9] - The MPV market is characterized by a "winner-takes-all" dynamic, where only a few brands succeed while many fail to gain traction [6][9] - The market is becoming increasingly saturated, making it difficult for new entrants to establish themselves without a clear market positioning and cost control [12][13] Group 3: Key Barriers to Success - The difficulty in replicating the success of popular MPVs lies in three critical dimensions: precise market positioning, extreme cost control, and addressing deep user needs [12][17] - Many MPVs suffer from unclear positioning, attempting to cater to multiple customer segments, which often leads to diluted offerings [12][17] - The unique structure and features of MPVs result in higher manufacturing costs compared to sedans or SUVs, complicating pricing strategies for new entrants [12][14] Group 4: Consumer Expectations - Consumers expect MPVs to be versatile, spacious, comfortable, safe, energy-efficient, and technologically advanced, which presents a significant challenge for manufacturers [14][15] - Many manufacturers have yet to address key consumer pain points, such as the balance between hybrid technology, comfort, and driving experience [15][17] Group 5: Case Study - Lantu Dreamer - Lantu's Dreamer model exemplifies a successful approach in the high-end MPV segment, focusing on user needs and leveraging self-developed technology for cost management [19][26] - The 2026 Lantu Dreamer features advanced hybrid technology with a pure electric range of 350 kilometers and rapid charging capabilities, setting a benchmark in the market [20][22] - The model also incorporates innovative features like rear-wheel steering and a luxurious interior, addressing both comfort and driving dynamics [22][24] Group 6: Market Positioning and Future Outlook - Lantu Dreamer has gained significant traction, becoming a leader in the high-end MPV market, with over 130,000 units delivered, showcasing the importance of understanding user needs [26][29] - The competitive landscape indicates that true market leaders are those who can resonate with consumer expectations and redefine luxury in the automotive space [29][30]

Group 1 - The event "Smart Connection for a Brilliant Future" in Xi'an showcases electronic consumer products, automotive exhibitions, and cultural tourism, aiming to enhance consumer experience and promote local industries [1][2] - The electronic consumer products section features 25 brands including Huawei, Xiaomi, and DJI, presenting a wide range of products from smartphones to smart home devices, highlighting the integration of technology in daily life [1][2] - The automotive section includes 28 car manufacturers, offering various types of vehicles and exclusive promotions such as cash discounts and subsidies, enhancing consumer purchasing power [2] Group 2 - The event serves as a platform for companies to display their latest products and technologies, fostering interaction between industries and consumers, and promoting a vibrant consumption atmosphere in the city [2][3] - Since the beginning of the year, the city's old-for-new consumption program has provided subsidies totaling 4.749 billion, benefiting over 5.723 million consumers and driving consumption worth 46.654 billion [2] - The city’s business bureau plans to continue innovating consumption scenarios and enriching consumption formats to stimulate consumer potential and enhance the city's attractiveness [3]

Group 1 - The event "Smart Connection for a Brilliant Future" was launched in Xi'an, focusing on electronic consumer goods and automotive exhibitions [1] - The event features four main exhibition areas: electronic consumer goods, trade-in services, cultural tourism, and automotive displays [3] - The electronic consumer goods area includes 25 brands with 35 unique booths, showcasing a wide range of products from companies like Huawei, Xiaomi, and DJI [3] - The trade-in area offers services for recycling and upgrading electronic products, catering to consumer needs for second-hand exchanges [3] - The cultural tourism area provides one-stop services for domestic and international travel, along with unique cultural products from Xi'an [5] Group 2 - Since the beginning of the year, the city has implemented trade-in programs, providing subsidies totaling 4.749 billion yuan, benefiting 5.7233 million consumers and driving consumption of 46.654 billion yuan [6] - The automotive exhibition features 28 car companies, including 25 new car sales and 3 used car sales, showcasing various vehicle types including electric vehicles [6] - Car companies are offering cash discounts, trade-in subsidies, and zero down payment loans, enhancing consumer purchasing benefits [6] - The event serves as a platform to showcase technological strength, optimize consumer supply, and innovate consumption scenarios, promoting positive interaction between industry and consumption [6] - The city’s commerce bureau plans to continue innovating consumption scenarios and enriching consumer activities to stimulate consumption potential [7]

Core Insights - The "X Chain Plan" initiated by Shunxin Hui has made significant progress with the delivery of 100 new energy refrigerated trucks developed in collaboration with JAC Motors and CATL [1][4] - The new trucks are equipped with CATL's latest Tianxing batteries, offering high capacity and long range, reducing energy consumption by approximately 50% compared to traditional fuel-powered refrigerated trucks, and are expected to achieve a carbon reduction of about 3,000 tons annually [1][4] Group 1: Project Overview - The "X Chain Plan" aims to connect various ecosystem partners including vehicle manufacturers, energy service providers, financial service providers, and carriers to accelerate the electrification of cold chain logistics [4] - The delivery of these vehicles marks the first systematic implementation of the plan, showcasing collaborative achievements in technology, products, and operations among ecosystem partners [4] Group 2: Vehicle Specifications and Benefits - The new refrigerated trucks are based on JAC's Shunling ES6 and ES9 light trucks, featuring CATL's 120kWh and 140kWh batteries, with ranges of 300 km and 350 km respectively, addressing drivers' range anxiety [7] - The vehicles are designed with dual evaporator configurations for independent temperature control across multiple zones, effectively managing temperature fluctuations in food delivery [7] - They support fast charging capabilities, allowing for an 18-minute charge from 20% to 80%, enhancing operational efficiency [7] Group 3: Collaborative Efforts and Support - JAC Motors provides superior warranty and after-sales services, including 24/7 online support and rapid response times, along with professional training for drivers to improve fleet management [7][8] - CATL emphasizes the importance of energy transition and aims to overcome technical challenges in the cold chain sector through continuous innovation and collaboration [8] Group 4: Future Developments and Sustainability Goals - The "X Chain Plan" is focused on integrating resources such as vehicles, electricity, networks, services, and insurance to create a comprehensive solution for cold chain logistics [11] - The recent delivery of 100 trucks signifies a breakthrough in applying new energy refrigerated vehicles from urban to intercity logistics, marking a key phase in the collaborative ecosystem for achieving "zero-carbon cold chain" [11]

Summary of XCMG Machinery Conference Call Company Overview - **Company**: XCMG Machinery - **Industry**: Construction Machinery Key Points Industry and Market Performance - XCMG Machinery benefited from domestic sales growth in earthmoving equipment and an upturn in some non-earthmoving crane businesses, achieving positive growth for the first time in three years in the first half of 2025, with excavator sales turning positive indicating the start of a domestic demand renewal cycle [2][5][13] - Major infrastructure projects such as the Yajiang Hydropower Station and the reconstruction of 300,000 kilometers of roads provided strong support for domestic demand, with expectations for continued positive sales throughout the year [5][13] - The overseas market saw a revenue growth rate of 16.6%, with clear signs of recovery in the European and American markets, as evidenced by Caterpillar's positive sales and inventory replenishment [2][6] Financial Performance - In the first half of 2025, XCMG's domestic revenue achieved positive growth for the first time in three years, driven by a sustained increase in earthmoving machinery sales and improvements in non-earthmoving machinery sales [2][13] - The company's overall revenue growth rate was approximately 10%, with profit growth nearing 18%, indicating strong resilience in overseas business despite high baseline comparisons [10][16] Mining Machinery Segment - The mining machinery segment is a key area for XCMG, with exports maintaining a growth rate of about 6% from January to July 2025, despite challenges in the Russian market [7][8] - XCMG's large-scale mining products are comparable to those of Caterpillar and Komatsu, with expectations for over 30% growth in this segment from 2025 to 2027 [8][24] Corporate Reforms and Management Efficiency - XCMG has made significant progress in state-owned enterprise reforms and mixed-ownership reforms, enhancing profitability and management efficiency [3][11] - The company has implemented measures such as market-oriented compensation and executive stock incentives, resulting in a 6 percentage point improvement in overall profitability from 2021 to the first half of 2025 [3][12] Future Outlook - The outlook for XCMG's engineering machinery segment is optimistic, with excavator domestic sales expected to maintain steady growth, projecting an annual demand of over 200,000 units by 2027-2028 [4][14] - The company is expected to achieve net profit margins of 7.9% to 9.8% from 2025 to 2027, driven by improved risk exposure and net profit rate [9][27] International Market Dynamics - The North American market shows signs of recovery, with Caterpillar's inventory and retail data indicating a bottoming out, and expectations for demand to gradually release post-2024 elections [19] - The European market has also entered an upward phase, with positive growth in machinery exports observed since June 2025 [20][21] - Southeast Asia and other traditional markets are expected to experience growth, supported by infrastructure projects and high demand for construction machinery [22] Technological Advancements - XCMG is enhancing its market share through core technology benchmarking and product improvements, particularly in the mining machinery sector, where it is gradually entering the core supplier list of foreign companies [24][25] Risk Management and Profitability - XCMG has successfully reduced risk exposure and improved asset quality, with a significant decrease in off-balance-sheet guarantees [9][28] - The company anticipates a decrease in depreciation and amortization ratios, which will further enhance profit margins [28] Conclusion - XCMG is positioned for strong growth in both domestic and international markets, with a focus on innovation, efficiency, and strategic reforms, making it a favorable investment opportunity in the construction machinery sector [23][29]

Battery - Contemporary Amperex Technology Co., Ltd. (CATL) has established a new company named Qiji New Energy Technology (Jiangmen) Co., Ltd. with a registered capital of 5 million yuan, focusing on emerging energy technology research and centralized fast charging stations [2] - CATL has signed a long-term procurement agreement with Longpan Technology for lithium iron phosphate cathode materials, with an expected supply of 157,500 tons from 2026 Q2 to 2031, totaling over 6 billion yuan [3][4][6] - CATL has also set up three new companies, including Qiji New Energy Technology (Qinhuangdao) Co., Ltd. and Qiji New Energy Technology (Yingtan) Co., Ltd., each with a registered capital of 5 million yuan, focusing on energy technology research and battery sales [5] Materials - Longpan Technology's agreement with CATL aims to establish long-term cooperation and capture overseas markets, although it is an intention-based agreement and subject to adjustments based on project progress [6] - Zhenhua New Materials has achieved a shipment of over 100 tons of ultra-high nickel 9 series materials, which are suitable for solid-state battery systems, emphasizing high energy density and safety [8][9] - Tianhua New Energy has received positive feedback on its lithium sulfide products, which are core materials for solid-state electrolytes, and is pushing for increased sample deliveries [10] Overseas - SK On has completed the construction of a solid-state battery pilot factory in South Korea, aiming for commercialization by 2029, with plans to develop products with energy densities of 800 Wh/L initially, and eventually up to 1000 Wh/L [11][12] - The U.S. has reduced import tariffs on Japanese automobiles to 15% as of September 16, which may impact the automotive supply chain and related industries [13][14]