国泰海通晨报 2025 年 09 月 30 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【汽车研究】汽车：近一周，申万汽车指数相对持平，新能源整车指数下跌 2%，汽车零部件 指数相对持平，商用车指数下跌 3%。人形机器人闪耀 2025 上海工博会。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 刘一鸣(分析师) 021-23154145 liuyiming@gtht.com S0880525040050 张予名(研究助理) 021-23154145 zhangyuming@gtht.com S0880125042241 行业跟踪报告：汽车《人形机器人闪耀 2025 上海工博会》 2025-09-29 投资策略与建议：我们维持行业"增持"评级。1）人形机器人供给创造需求，重点寻找类似当年 新能源车磷酸铁锂正极的高性价比技术路线，以及类似宁德时代的内生优势公司。推荐汽车电机龙头 德昌电机控股，以及同步 ...

Group 1: Commercial Aerospace Industry - The top-level design of commercial aerospace is continuously strengthened, with policies leading to the release of industrial innovation potential. The demand for satellite networking is exploding, and new supply and technology are helping to break development bottlenecks, indicating a positive outlook for low-cost, high-reliability, and large-scale development in the commercial aerospace industry [1][2][4]. - The commercial aerospace industry chain is accelerating its improvement, driven by both supply and demand. China has a complete industry chain from high-end manufacturing to application scenarios, with the global commercial aerospace market size reaching $480 billion. In 2024, China's investment and financing in the commercial aerospace sector is expected to account for 24% of the global total [3][4]. - The demand for satellite networking is surging, with multiple satellite constellations being launched rapidly. The "Long March" series rockets are the main force, and several private rocket companies are expected to become significant contributors to launch capacity [4][5]. Group 2: Company Analysis - GuoBo Electronics - GuoBo Electronics experienced a decline in performance in the first half of 2025 due to revenue confirmation delays in traditional sectors, but achieved significant growth in Q2 with a revenue of 720 million yuan, marking a year-on-year increase of 18.23% and a quarter-on-quarter increase of 105.84% [11][13]. - The company is focusing on the low-orbit satellite and commercial aerospace sectors, with multiple T/R component products already delivered to customers, indicating a new growth point for the company [11][14]. - The company has improved production efficiency and reduced costs through lean manufacturing management and automation, ensuring stable growth in profitability, with a gross margin of 39.11% in the first half of 2025 [13][14]. Group 3: Company Analysis - Enhua Pharmaceutical - Enhua Pharmaceutical is a leading domestic enterprise in the field of controlled substances, with a high barrier to entry in its sector. The impact of centralized procurement is expected to bottom out, and the company is focusing on the gradual realization of innovative results [15][17]. - In the first half of 2025, the company achieved a revenue of 3.01 billion yuan, a year-on-year increase of 8.93%, and a net profit of 700 million yuan, a year-on-year increase of 11.38% [16][17]. - The company is actively developing multiple innovative drugs in the central nervous system field, which is expected to drive a second growth curve for the company [18].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Insurance funds exhibit two main advantages in ESG and green investments: long-term nature and strategic significance, which extend their influence as large asset owners on other market participants [2][17] - The integration of ESG in outsourced investments by insurance funds plays a crucial role in market cultivation, with 95% of insurance companies in the Asia-Pacific region incorporating ESG factors into their investment considerations, up from 56% in 2018 [3][29] - Large asset owners can consider two types of decarbonization targets: carbon intensity targets, which allow for emissions increases due to business growth, and absolute value targets, which require total emissions reductions regardless of business scale [4][50] Summary by Sections Introduction - The report addresses how domestic insurance asset management implements ESG investments and green finance, the impact of outsourced investments on ESG practices, and the feasibility of decarbonization paths based on overseas insurance asset management practices [11] Necessity of Insurance Funds in Green Finance - Insurance funds are a crucial pillar of China's financial system and a significant source of funding for green and low-carbon transitions, with total assets exceeding 33 trillion yuan by the end of 2024 [12][13] - Regulatory authorities are guiding insurance institutions to develop green finance, emphasizing support for green, low-carbon, and circular economies [14] Domestic Insurance Funds' ESG and Green Investment Practices - Insurance funds' ESG and green investments are characterized by long-term nature, strategic significance, and market-shaping ability [17] - The long-term nature is driven by the stable and large-scale funding sources of insurance institutions, making them essential for the healthy development of capital markets [18] - The strategic significance is aligned with China's high-quality economic development and green low-carbon transition requirements [19] - As large asset owners, insurance funds can influence the ESG practices of invested companies and outsourced funds [20] ESG Integration in Outsourced Investments - Insurance funds leverage external management institutions to integrate ESG strategies deeply, enhancing the green impact of investments [24] - By the end of 2024, global insurance funds managed approximately 16.65 trillion USD, accounting for 29% of total assets under management [25] - A significant majority of insurance companies in Europe, Africa, and the Middle East incorporate ESG factors into their investment considerations [29] Industry Practices - The scale of green investments by major insurance companies is steadily increasing, with a total of 1.67 trillion yuan allocated to green development by mid-2023, a 36% year-on-year increase [36] - The types of green investments are diversifying beyond traditional fixed-income products to include equity and alternative assets [38] - The integration of green investments with business practices is deepening, particularly in climate risk assessment and portfolio carbon accounting [39] Decarbonization Goals and Paths of Overseas Large Insurance Funds - Leading overseas insurance institutions have established comprehensive decarbonization strategies, aligning with the Paris Agreement's temperature control goals [46] - Decarbonization targets are categorized into carbon intensity targets and absolute value targets, with the former allowing for emissions increases due to business growth [50] - The report highlights the systematic implementation paths adopted by overseas insurance institutions to achieve decarbonization goals [51]

Core Viewpoint - The cryptocurrency industry is undergoing a green transformation, with BitEngine Mining Tech leading the way through innovative green technologies, presenting new investment opportunities for investors [1] Group 1: Green Innovations - BitEngine Mining Tech's project in Finland exemplifies green mining by utilizing excess heat from mining machines for community heating, reducing energy consumption and operational costs while contributing positively to environmental protection [1] - The company's green and efficient operational model aligns well with Wall Street's enthusiasm for ESG investments, attracting significant investor interest [1] Group 2: Competitive Advantages - BitEngine Mining Tech benefits from a global low-cost electricity strategy, leveraging resource advantages in North America and Russia, which enhances its competitiveness in the mining industry [1] - This competitive edge provides investors with stable return expectations [1] Group 3: Future Prospects - The company aims for a Nasdaq IPO in 2026, positioning itself as a prominent player in the cryptocurrency sector and attracting more capital influx to drive business expansion and innovation [1] - Investing in BitEngine Mining Tech represents a forward-looking and socially responsible investment opportunity, allowing investors to share in the benefits of the green development of the cryptocurrency industry [1]

Macro and Strategy - The Federal Reserve maintained the federal funds rate target range at 4.25-4.5% and announced a slowdown in balance sheet reduction, lowering the monthly limit for Treasury redemptions from $25 billion to $5 billion [7] - The high-tech manufacturing macro report indicates that the diffusion index for high-tech manufacturing remains stable, with a slight decline in certain sectors such as aerospace and new energy [7][8] - The AI-enabled asset allocation strategy highlights the integration of ESG factors into traditional investment theories, suggesting that incorporating ESG constraints can enhance portfolio performance [9][10] Industry and Company Insights - The social services sector is expected to benefit from recent consumption policies aimed at boosting domestic demand, with a focus on service consumption [10][11] - Data tracking shows a positive trend in retail sales and hiring demand, indicating a gradual economic recovery [11][12] - The textile and apparel sector has seen a rebound in retail sales growth, with notable increases in exports from Vietnam [13][14] - China Unicom reported a 10.5% year-on-year increase in net profit for 2024, with a focus on innovative business growth and a stable traditional business [16][17] - Xingyu Co. achieved a 34% year-on-year increase in net profit for Q4 2024, driven by strong demand for automotive lighting products [21][22] - Xtep International reported a 20% increase in net profit for 2024, with significant growth in its professional sports brand [24][25] - Anta Sports saw a 16.5% increase in core profit for 2024, supported by a diverse brand portfolio [28][29] - ZhongAn Online's total premium income reached 33.42 billion yuan in 2024, with a 13.3% year-on-year growth, driven by its diversified product ecosystem [30][31] - Ping An Insurance reported a 47.8% year-on-year increase in net profit for 2024, supported by a robust strategic layout in comprehensive finance and healthcare [33][34]