Wind数据显示，10月9日，共有16只个股获券商买入评级，其中5只个股公布了目标价格。按最高目标 价计算，巨人网络、比亚迪、华峰测控目标涨幅排名居前，涨幅分别达45.51%、18.08%、14.44%。从 评级调整方向来看，12只个股评级维持不变，4只个股为首次评级。从获买入评级个股所属Wind行业来 看，软件与服务、半导体与半导体生产设备、媒体Ⅱ买入评级个股数量最多，分别有4只、2只、2只。 ...

Report Summary - The report presents the top ten convertible bonds for October 2025, along with an analysis of the issuing companies, including their business profiles, financial performance, and key attractions [13][23][35] Top Ten Convertible Bonds in October 2025 1. Zhongte Convertible Bond - Rating: AAA; 9 - month - end closing price: 112.896 yuan; Conversion premium rate: 85.92%; PE - TTM of the underlying stock: 13.22 [7][13] - Company: A globally leading specialized special - steel material manufacturer with a production capacity of about 20 million tons of special - steel materials per year. It has multiple production and raw - material bases, forming a strategic layout along the coast and rivers [13] - Financials: In 2024, revenue was 109.203 billion yuan (YoY - 4.22%), net profit attributable to shareholders was 5.126 billion yuan (YoY - 10.41%). In H1 2025, revenue was 54.715 billion yuan (YoY - 4.02%), net profit attributable to shareholders was 2.798 billion yuan (YoY + 2.67%) [13] - Key attractions: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specification, with leading cost - control ability and potential for external expansion [14] 2. Shanlu Convertible Bond - Rating: AAA; 9 - month - end closing price: 119.346 yuan; Conversion premium rate: 48.74%; PE - TTM of the underlying stock: 4.08 [7][23] - Company: Mainly engaged in road and bridge construction and maintenance, and also expanding into other fields. It can provide one - stop comprehensive services [23] - Financials: In 2024, revenue was 71.348 billion yuan (YoY - 2.3%), net profit attributable to shareholders was 2.322 billion yuan (YoY + 1.47%). In H1 2025, revenue was 28.575 billion yuan (YoY + 0.26%), net profit attributable to shareholders was 1.029 billion yuan (YoY + 0.89%) [23] - Key attractions: It has the concept of "China - specific valuation", potential for improvement in various aspects under the debt - resolution background, and opportunities from regional infrastructure construction and the Belt and Road Initiative [24] 3. Hebang Convertible Bond - Rating: AA; 9 - month - end closing price: 126.41 yuan; Conversion premium rate: 21.55%; PE - TTM of the underlying stock: - 168.47 [7][35] - Company: With advantages in mineral resources and gas supply, it has completed a basic layout in the chemical, agricultural, and photovoltaic fields [35] - Financials: In 2024, revenue was 8.547 billion yuan (YoY - 3.13%), net profit attributable to shareholders was 31 million yuan (YoY - 97.55%). In H1 2025, revenue was 3.921 billion yuan (YoY - 19.13%), net profit attributable to shareholders was 52 million yuan (YoY - 73.07%) [35] - Key attractions: Its phosphate mines and salt mines have good profit - making potential, and the liquid methionine business is a major profit contributor [36] 4. Aima Convertible Bond - Rating: AA; 9 - month - end closing price: 128.513 yuan; Conversion premium rate: 38.62%; PE - TTM of the underlying stock: 13.41 [7][45] - Company: The leading enterprise in the electric two - wheeled vehicle industry, mainly engaged in R & D, production, and sales of electric two - wheeled vehicles [45] - Financials: In 2024, revenue was 21.606 billion yuan (YoY + 2.71%), net profit attributable to shareholders was 1.988 billion yuan (YoY + 5.68%). In H1 2025, revenue was 13.031 billion yuan (YoY + 23.04%), net profit attributable to shareholders was 1.213 billion yuan (YoY + 27.56%) [45] - Key attractions: It may benefit from government subsidies, new national standards, and potential improvement in gross margin [46] 5. Xingye Convertible Bond - Rating: AAA; 9 - month - end closing price: 120.859 yuan; Conversion premium rate: 29.02%; PE - TTM of the underlying stock: 5.43 [7][54] - Company: One of the first joint - stock commercial banks in China, evolving into a modern financial service group [54] - Financials: In 2024, revenue was 212.226 billion yuan (YoY + 0.66%), net profit attributable to shareholders was 77.205 billion yuan (YoY + 0.12%). In H1 2025, revenue was 110.458 billion yuan (YoY - 2.29%), net profit attributable to shareholders was 43.141 billion yuan (YoY + 0.21%) [54] - Key attractions: It has stable asset quality and scale growth [55] 6. Wentai Convertible Bond - Rating: AA -; 9 - month - end closing price: 128.918 yuan; Conversion premium rate: 20.93%; PE - TTM of the underlying stock: - 23.14 [7][66] - Company: A globally leading semiconductor enterprise adopting the IDM model, providing R & D, manufacturing, and testing services [66] - Financials: In 2024, revenue was 73.598 billion yuan (YoY + 20.23%), net profit attributable to shareholders was - 2.833 billion yuan (YoY - 339.83%). In H1 2025, revenue was 25.341 billion yuan (YoY - 24.56%), net profit attributable to shareholders was 474 million yuan (YoY + 237.36%) [66] - Key attractions: After focusing on the semiconductor business, it benefits from market recovery and has growth potential in the automotive and consumer electronics fields [67] 7. Chongyin Convertible Bond - Rating: AAA; 9 - month - end closing price: 121.778 yuan; Conversion premium rate: 31.87%; PE - TTM of the underlying stock: 5.88 [7][77] - Company: An early local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business scopes [77] - Financials: In 2024, revenue was 13.679 billion yuan (YoY + 3.54%), net profit attributable to shareholders was 5.117 billion yuan (YoY + 3.8%). In H1 2025, revenue was 7.659 billion yuan (YoY + 7%), net profit attributable to shareholders was 3.19 billion yuan (YoY + 5.39%) [77] - Key attractions: It can benefit from the development of the Chengdu - Chongqing economic circle, has stable asset - scale growth, and effective risk - control strategies [78] 8. Tianye Convertible Bond - Rating: AA +; 9 - month - end closing price: 120.562 yuan; Conversion premium rate: 48.06%; PE - TTM of the underlying stock: 146.42 [7][89] - Company: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [89] - Financials: In 2024, revenue was 11.156 billion yuan (YoY - 2.7%), net profit attributable to shareholders was 68 million yuan (YoY + 108.83%). In H1 2025, revenue was 5.16 billion yuan (YoY - 0.98%), net profit attributable to shareholders was - 9 million yuan (YoY - 228.22%) [89] - Key attractions: It may benefit from the price change of caustic soda and has plans for dividend increase and coal - mine projects [90] 9. Aorui Convertible Bond - Rating: AA -; 9 - month - end closing price: 126.412 yuan; Conversion premium rate: 40.56%; PE - TTM of the underlying stock: 22.72 [7][100] - Company: A company focusing on the R & D, production, and sales of complex APIs and preparations, with leading positions in multiple fields [100] - Financials: In 2024, revenue was 1.476 billion yuan (YoY + 16.89%), net profit attributable to shareholders was 355 million yuan (YoY + 22.59%). In H1 2025, revenue was 822 million yuan (YoY + 12.5%), net profit attributable to shareholders was 235 million yuan (YoY + 24.55%) [100] - Key attractions: It has a growing dealer network, expanding preparation products, and high - quality customer resources [101] 10. Yushui Convertible Bond - Rating: AAA; 9 - month - end closing price: 125.081 yuan; Conversion premium rate: 30.74%; PE - TTM of the underlying stock: 26.93 [7][108] - Company: The largest integrated water supply and drainage enterprise in Chongqing, with a stable monopoly position [108] - Financials: In 2024, revenue was 6.999 billion yuan (YoY - 3.52%), net profit attributable to shareholders was 785 million yuan (YoY - 27.88%). In H1 2025, revenue was 3.519 billion yuan (YoY + 7.16%), net profit attributable to shareholders was 458 million yuan (YoY + 10.06%) [108] - Key attractions: It has a high market share, is expanding business externally, and has effective cost - control measures [109]

Market Overview - The overseas AI chip index increased by 0.54% this week, with Marvell rising over 10% while Broadcom fell by 3.0% [2] - The domestic AI chip index rose by 5.2%, with Langchao Technology increasing over 10%, while Rockchip and Cambricon experienced slight declines [2] - The Nvidia mapping index decreased by 3.2%, with Wolong Materials rising over 20% and Taicheng Technology falling close to 10% [2] - The server ODM index increased by 0.7%, with Wistron rising by 4.9%, the highest among its constituents, while Quanta continued its downward trend with a 7.5% decline [2] - The storage chip index rose by 6.1%, with Jucheng shares increasing over 50% and Demingli rising by 22.2%, while Baiwei Storage and Jiangbolong both saw increases over 10% [2] - The power semiconductor index increased by 7.0%, with all constituent stocks showing an upward trend; the A-share Apple index rose by 1.5%, while the Hong Kong Apple index fell by 0.6% [2] Industry Data - The high bandwidth memory (HBM) market is expected to grow nearly threefold between 2024 and 2026, with HBM3E being the dominant product and HBM4 set to enter the market in 2026, indicating a rapid pace of technological iteration [3] - The global VR headset market continues to decline due to weak consumer demand, while the AR smart glasses market shows strong growth, with shipments increasing by 50% year-on-year in the first half of the year [3] - Despite pressures on shipment growth, the average selling price of smartphones globally is expected to rise steadily, with market revenue growth outpacing shipment growth [3] Major Events - Yangtze Memory Technologies, a leading flash memory manufacturer in China, is actively seeking technological breakthroughs and plans to develop key technologies for HBM production, considering using its new Wuhan factory for DRAM chip production [4] - TSMC plans to increase its 2nm process pricing by 50%, putting significant cost pressure on its customers, while Samsung Electronics intends to offer 2nm foundry services at two-thirds the price of TSMC to capture market share [4] - OpenAI has signed an agreement with Apple's assembler, Luxshare Precision, to jointly develop a consumer device that can collaborate deeply with AI models [4]

Investment Rating - The report maintains a "Recommended" investment rating for the semiconductor and semiconductor equipment industry [5] Core Insights - The semiconductor industry is experiencing significant fluctuations in stock performance, with notable increases in AI chip indices both domestically and internationally, indicating a growing market interest [1][11] - The high bandwidth memory (HBM) market is projected to grow nearly threefold from 2024 to 2026, with HBM3E expected to dominate the market [2][22] - The global VR headset market is declining due to weak consumer demand, while the AR smart glasses market is showing strong growth, with a 50% year-on-year increase in shipments [2][28] Market Indices Summary - The overseas AI chip index rose by 0.54% this week, with Marvell increasing over 10% and Broadcom decreasing by 3.0% [1][11] - The domestic AI chip index increased by 5.2%, with notable gains from companies like 澜起科技 (over 10% increase) [1][11] - The storage chip index saw a 6.1% rise, with 聚辰股份 experiencing over 50% growth [1][11] - The power semiconductor index rose by 7.0%, with all component stocks showing upward trends [1][11] Industry Data Summary - The HBM market is expected to grow from 9.9 billion Gb to 27.6 billion Gb between 2024 and 2026, with HBM3E maintaining a market share of approximately 70% in 2024 [2][22] - The global smartphone average selling price (ASP) is projected to rise from $370 in 2025 to $412 in 2029, with a CAGR of 3% [30][32] - The AR smart glasses market is expected to continue its growth trajectory, driven by new product launches and advancements in optical technology [2][28] Major Events Summary - 长江存储 is developing TSV packaging technology for HBM production and plans to utilize its new Wuhan factory for DRAM chip production [3][34] - TSMC plans to increase its 2nm process pricing by 50%, creating cost pressures for clients like Qualcomm and AMD [3][34] - OpenAI has signed an agreement with Apple's assembler,立讯精密, to develop a consumer device that collaborates with AI models [3][12]

[Table_Main] 行业研究|信息技术|半导体与半导体生产设备 证券研究报告 2025 年 09 月 22 日 [Table_Title] 英伟达投资 50 亿美元入股英特尔，三星 HBM3e 通过英伟达验证 ——行业周报 [Table_Summary] 报告要点： 本周（2025.9.15-2025.9.19）市场回顾 1）海外 AI 芯片指数本周下跌 0.80%，本周成分股表现差异较大， Marvell 涨幅超过 10%，博通下跌 4.15%。2）国内 AI 芯片指数本周 上涨 2.0%。其中中芯国际涨幅超过 10%，寒武纪下跌接近 10%。3） 英伟达映射指数本周上涨 3.6%，其中长芯博创本周上涨 7.30%。江海 股份下跌幅度接近 10%，神宇股份与太辰光下跌幅度低于 1%。4）服 务器 ODM 指数本周下跌 0.6%，Quanta 经历上周较大幅度上涨本周 下跌 14.70%。5）存储芯片指数本周上涨 3.7%，其中德明利与普冉 股份涨幅超 20%。6）功率半导体指数本周上涨 0.6%；A 股苹果指数 上涨 5.5%，港股苹果指数上涨 0.4%。 半导体与半导体生产设 备行业周报、月报 行业 ...

Investment Rating - The report maintains an "Outperform" rating for the Hong Kong stock market [4] Core Insights - The automotive sector shows strong performance with a weekly increase of 7.1%, while the biotechnology sector has underperformed with a decrease of 2.3% [1][2] - Overall, 17 industries experienced gains, while 13 saw declines, indicating a mixed performance across sectors [1] Summary by Sections Market Performance - The Hang Seng Index rose by 0.6%, and the Hang Seng Composite Index increased by 0.4% [1] - Large-cap stocks outperformed small-cap and mid-cap stocks, with the Hang Seng Large Cap Index up by 0.7% [1] Valuation Levels - The valuation of the Hang Seng Index increased by 0.2% to 12.3x, while the Hang Seng Composite Index valuation decreased by 0.4% to 12.3x [2] - The automotive sector's valuation rose significantly by 7.3% to 15.7x, while the biotechnology sector's valuation fell by 2.3% to 30.0x [2] Earnings Expectations - The earnings per share (EPS) for the Hang Seng Index increased by 0.3%, and the Hang Seng Composite Index EPS rose by 0.7% [3] - A total of 26 industries saw upward revisions in EPS, with the coal sector experiencing the largest increase of 11.3% [3]

[Table_Main] 行业研究|信息技术|半导体与半导体生产设备 证券研究报告 半导体与半导体生产设 行业数据 备行业周报、月报 2025 年 09 月 15 日 [Table_Title] 中国对美模拟芯片启动反倾销调查，SK 海力士开 始量产 HBM4 ——行业周报 [Table_Summary] 报告要点： 本周（2025.9.8-2025.9.14）市场回顾 1）海外 AI 芯片指数本周上涨 6.58%，只有 MPS 有下跌的情况，其 余成分股均表现出上涨。2）国内 AI 芯片指数本周上涨 11.8%。各成 分股均表现出不同程度的上涨，其中海光信息、兆易创新、寒武纪以 及翱捷科技涨幅均超过 10%。3）英伟达映射指数本周上涨 11.2%， 其中景旺电子上涨 26.09%，胜宏科技、沪电股份、沃尔核材以及工业 富联涨幅均超过 10%。长芯博创本周下跌 3.81%，神宇股份下跌幅度 较小，为 0.44%。4）服务器 ODM 指数本周上涨 7.8%，各成分股均 表现出上涨趋势。5）存储芯片指数本周上涨 17.9%，其中香农芯创上 涨 71.74%。兆易创新与江波龙涨幅接近 20%，分别为 19.21%与 ...

Group 1 - In August, the A-share market strengthened, leading to positive returns for most of the recommended stocks by brokerages, with 244 out of 287 stocks recommended showing price increases [1][3] - The average gain of the recommended stocks in August was positive, with notable performances from brokerages such as Kaiyuan Securities and AVIC Securities [1][5] - The top three performing stocks in August were Huasheng Tiancai (600410.SH) with a gain of 115.11%, followed by Hanwujing (688256.SH) with a gain of 110.36%, and Siquan New Materials (301489.SZ) with a gain of 100.66% [3][4] Group 2 - As of September 4, over 40 brokerages had recommended 285 stocks for September, with Kaiying Network (002517.SZ) and Deepin Technology (300454.SZ) being the most frequently recommended [2][8] - Kaiying Network was recommended by multiple brokerages due to its upcoming product cycle and stable mid-year performance, reporting a revenue of 2.578 billion yuan, a year-on-year increase of 0.89%, and a net profit of 950 million yuan, a year-on-year increase of 17.41% [9][10] Group 3 - The technology sector performed exceptionally well in August, with 7 out of the top 10 recommended stocks belonging to this sector [5][6] - Conversely, the healthcare sector underperformed, with half of the stocks in the top 10 largest declines being from this industry, including Yifang Biotechnology (688382.SH) which fell by 19.62% [6][7] Group 4 - Among the stocks recommended for September, Deepin Technology had a high price-to-earnings ratio of 240.05, indicating a significant valuation compared to other recommended stocks [12] - Deepin Technology reported a revenue of 3.009 billion yuan for the first half of 2025, a year-on-year increase of 11.16%, but also reported a net loss of 228 million yuan, which was a 61.54% increase in loss compared to the previous year [12]

Investment Rating - The report recommends a "Buy" rating for the MLCC industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The MLCC industry is entering a mild recovery phase supported by multiple downstream demands, with inventory levels stabilizing after a significant reduction [1][4]. - Domestic manufacturers are accelerating their high-end product development, particularly in the automotive and AI sectors, to compete with established foreign players [2][3]. - The demand for MLCCs is expected to grow due to the proliferation of electric vehicles, advancements in smart driving technologies, and the upgrade of consumer electronics [3]. Summary by Sections 1. MLCC Industry Development Status - MLCCs are the most widely used and fastest-growing surface-mounted components, accounting for approximately 65% of passive components in the electronics industry [13]. - The industry is characterized by significant cyclicality, with historical price trends showing cycles of about 4-5 years [33]. - The current inventory levels are deemed reasonable, with a supportive demand from automotive electronics and AI servers [41]. 2. MLCC Industry Development Trends and Outlook - The demand for MLCCs is expanding due to innovations in AI and automotive electronics, while advancements in manufacturing processes are driving up average selling prices (ASP) [2][3]. - The domestic supply chain is evolving, with a focus on high-end MLCC production to reduce reliance on imports [60][75]. 3. Company Analysis - Key domestic players like SanHuan Group and Fenghua are making significant investments to enhance their production capabilities and product quality, aiming to enter the global first-tier market [2][74]. - Emerging companies such as DaliKep and WeiRong are focusing on niche markets, filling gaps in RF and ultra-miniature products [2][74]. - The competitive landscape shows that foreign companies still dominate the high-end MLCC market, while domestic firms are rapidly catching up [42][43].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 130 CNY per share, indicating an upside potential to 145 CNY per share [5][12][14]. Core Views - The company reported a significant revenue increase of 58.17% year-on-year for H1 2025, reaching 2.633 billion CNY, with a net profit growth of 95.41% to 1.159 billion CNY [1][7]. - The DDR5 penetration rate has improved from 50% to 80%, contributing to a revenue increase in DDR memory interface and supporting chips, which accounted for 93.5% of total revenue [2][8]. - The PCIe retimer segment has emerged as a key growth driver, with a revenue increase of 119% year-on-year, and the company is expected to increase its market share from 12% to 14% [2][9]. - The CXL MXC chip market is projected to grow at a CAGR of 169% from 2025 to 2030, with the company’s 3.x version expected to enter mass production in the second half of next year [2][10]. Financial Performance - For H1 2025, the company achieved a gross margin of 60.44% and a net margin of 42.24%, with gross profit margins expected to remain high due to the increasing proportion of second and third-generation products [1][7][8]. - The company forecasts net profits of 2.484 billion CNY and 2.966 billion CNY for 2025 and 2026, respectively, with corresponding P/E ratios of 57x and 48x [4][12]. - The projected revenue for 2025 is 5.803 billion CNY, reflecting a growth rate of 59.5% [4][12]. Market Potential - The CKD chip is anticipated to become a standard product in desktop memory platforms, with a projected market size of approximately 238 million USD by 2030 [3][11]. - The MRCD/MDB second-generation products are expected to gain support from Intel and AMD platforms, with significant market growth anticipated by 2027-2028 [10][11].