自 2024 年 7 月政治局会议首次提出防止"内卷式"恶性竞争以来， "反内卷"的概念已从新兴产业的不正当竞争逐步延伸至基础行业的产 能调控与价格稳定，已在重要会议定调、《价格法》修订等动向中有所 体现。"反内卷"聚焦价格领域问题，意味着宏观政策在应对国内有效 需求偏弱问题和稳物价目标上的积极意图。行业层面，上半年汽车、 光伏、钢铁、水泥等已先行表态，7 月以来建筑、快递、煤炭、生猪、 银行、造纸等相继跟进，覆盖产业链上下游。随着中央会议和行业自 律的自上而下推动，"反内卷"的政策效应正在累积，其重要地位或在 年末中央经济工作会议上进一步明确，并成为长期战略。 ⚫ 从利润指标看行业"内卷"程度分化如何 证券研究报告：固定收益报告 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 研究助理:王一 SAC 登记编号:S1340125070001 Email:wangyi8@cnpsec.com 近期研究报告 《9 月，信用的机会在哪里？——信用 周报 20250903》 - 2025.09.03 固收专题 "反内卷"对债市的中长期 ...

Group 1 - Foreign capital is returning to China, with a significant shift observed since late July 2023, marking a crucial signal for foreign investment in A-shares [2][12] - The net outflow of active foreign capital from A-shares reached approximately 200 billion RMB before the reversal began [2][12] - Historical highs in net inflows from passive foreign capital and record trading volumes in northbound funds indicate a strong enthusiasm for Chinese assets [2][12][13] Group 2 - The return of foreign capital is driven by four key factors: RMB appreciation, overseas liquidity easing, A-share profitability, and fundamental recovery [3][15] - The anticipated interest rate cuts by the Federal Reserve have weakened the USD and US Treasury yields, contributing to RMB appreciation and foreign capital inflow [3][15] - A-share performance has outpaced global markets since late July, enhancing the attractiveness of Chinese equities [3][15] Group 3 - The trend of foreign capital returning to China is expected to continue, as the country enters a mature industrialization phase, which will accelerate RMB appreciation [4][21] - Historical parallels with the US and Japan during their industrialization periods suggest that net export expansion will drive long-term currency appreciation [4][21] - The previous three years of Fed rate hikes have hindered this process, but the current shift to a rate-cutting cycle is expected to facilitate foreign capital allocation to A-shares [4][21] Group 4 - Foreign capital is significantly underweight in A-shares, with an estimated potential allocation space exceeding 1 trillion RMB [5][28] - As of the end of 2024, A-shares account for 3.4% of the MSCI Global Equity Index, while their representation in international investment portfolios is only 2.3%, indicating a 1.1% underweight [5][28] - If foreign capital were to align its allocation with A-share weights in the MSCI index, it could result in an influx of approximately 1.2 trillion RMB [5][28] Group 5 - Foreign investors have a long-standing preference for high ROE stocks, which is expected to influence market trends [6][31] - Industries such as food and beverage, household appliances, agriculture, non-ferrous metals, and non-bank financials are likely to attract foreign interest due to their high ROE and favorable valuations [6][31] - Since August, foreign capital has notably flowed into sectors including banking, insurance, manufacturing, materials, automotive, pharmaceuticals, software, and semiconductors [6][38]

Group 1 - The liquidity in the Hong Kong stock market has significantly improved, with both domestic and foreign funds accelerating their inflow. The cumulative net purchase amount of southbound funds has exceeded HKD 1 trillion this year, supported by the ongoing expectations of interest rate cuts by the Federal Reserve and a globally loose liquidity environment [1][2]. - Three key liquidity factors are highlighted: first, the gradual decline in Hong Kong interbank offered rates post-month-end, leading to lower funding costs; second, the continuous inflow of southbound funds favoring quality Chinese assets; third, the Federal Reserve's reinitiation of the interest rate cut cycle, which benefits non-USD currencies and positively impacts corporate earnings and investment confidence due to the relative strength of the Renminbi [2][4]. Group 2 - The Hong Kong stock market hosts numerous leading companies in high-demand sectors such as technology, internet, pharmaceuticals, automotive, and consumer goods. Despite potential short-term market sentiment fluctuations, long-term benefits are expected from technological breakthroughs and improved liquidity [4]. - Relevant ETFs include the Hang Seng Technology Index ETF (513180), which focuses on technology leaders, new energy vehicle manufacturers, and chip companies, and the Hang Seng Pharmaceutical ETF (159892), which targets innovative pharmaceuticals and contract research organizations in the Hong Kong market [4].

Choice统计显示，9月5日，沪深两市可交易A股中，上涨个股有4605只，下跌个股有453只，平盘个股 89只。不含当日上市新股，共有103只个股涨停，7只个股跌停。从所属行业来看，涨停个股主要集中在 电力设备、电子、机械设备、化工、有色金属、汽车等行业。 （文章来源：证券时报网） ...

Market Performance - The stock indices in both markets rose significantly, with the Shanghai Composite Index increasing by 1.24% to 3812.51 points, the Shenzhen Component Index rising by 3.89% to 12590.56 points, and the ChiNext Index surging by 6.55% to 2958.18 points [1] - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached 23,488 billion [1] Sector Performance - Key sectors that saw substantial gains included semiconductors, automobiles, and pharmaceuticals, with solid-state batteries and lithium battery concepts experiencing explosive growth [1] - Other strong concepts included CPO, composite copper foil, and consumer electronics [1] Market Sentiment and Trends - Huazhong Securities indicated that the core driving force behind the current upward trend in the market remains unchanged, highlighting the unprecedented emphasis from decision-makers on the capital market and the continuous inflow of micro liquidity [2] - Recent market volatility and the significant adjustment on the 4th were attributed to trading disturbances rather than a fundamental shift in the upward trend [2] - The report suggests that the strong main lines in the market will continue to be the most attractive investment direction, with three scenarios for elastic growth: technology growth, performance-supported sectors, and catalyst-driven sectors [2]

Group 1: Industry Overview - The automotive industry's profit margin is 4.8%, lower than the average profit margin of 5.7% for downstream industrial enterprises, and has decreased by 0.2 percentage points compared to the same period last year [1] - Despite rising sales, many car manufacturers are experiencing declining profits, with Mercedes-Benz's net profit halving and Toyota's net profit dropping by 36.9% [4] - The overall automotive market is facing significant challenges due to global economic pressures and complex international political environments [4] Group 2: BYD's Performance - BYD achieved record highs in both revenue and profit in the first half of the year, with revenue reaching 371.3 billion yuan, a 23% year-on-year increase, and a net profit of 15.5 billion yuan, up 14% [4] - BYD's cash reserves have reached 156.1 billion yuan, indicating strong financial health and high-quality development [1][4] - The company has maintained its position as the sales champion in both the Chinese market and the global electric vehicle market [1][4] Group 3: R&D Investment - BYD's R&D investment reached 30.9 billion yuan in the first half of the year, a 53% increase year-on-year, which is double its net profit for the same period [6] - The company has consistently invested more in R&D than its annual profits for 13 out of the last 14 years, totaling over 210 billion yuan in cumulative R&D investment [6] - BYD leads in several global patent rankings for electric and hybrid vehicle technologies, showcasing its strong technological foundation [6][8] Group 4: Overseas Expansion - BYD's overseas market sales exceeded 470,000 units in the first half of the year, a 132% increase compared to the previous year, surpassing its total overseas sales for the previous year [7][9] - The company has expanded into several new markets, including Switzerland, Romania, and El Salvador, and is establishing manufacturing bases in Cambodia and Malaysia [9] - BYD has achieved significant sales growth in competitive markets, such as a 756.1% increase in Spain and over 10% market share in Italy [9] Group 5: Future Outlook - BYD's management anticipates that overseas sales will double by the end of the year, supported by strong technical capabilities and market strategies [10] - The company aims to position itself as a world-class automotive brand, promoting "Chinese manufacturing" on the global stage [10]

"邓总早在今年2月就已经是深蓝汽车董事长了，但央企对职务有严格要求，CEO需要寻找新的人选。新 任CEO需要兼具科技、互联网和全球化思维，姜总此前在荣耀任职，对华为的那套流程体系非常熟悉， 又做过产品研发，并在全球岗位上担任重要职务，对深蓝来说是一大助力。"上述负责人表示。 在深蓝汽车的发展历程中，邓承浩扮演了关键角色。自深蓝汽车2022年成立以来，邓承浩带领团队在电 动化和智能化领域取得了显著进展，打造出深蓝S07、深蓝L07，以及深蓝G318、深蓝S09等丰富的产品 矩阵，引领深蓝汽车长期稳居"央企新能源销量冠军"。截至今年上半年，深蓝汽车累计销量突破50万 辆。 深蓝汽车董事长邓承浩 此次邓承浩升任董事长，将从更高战略层面引领深蓝汽车发展，凭借其丰富经验和卓越领导能力，为深 蓝汽车制定长远发展规划，推动品牌持续向上。 而接任邓承浩CEO职务的姜海荣并非长安体系内部提拔，则是从荣耀引进，业内颇为意外。 升级为"新央企，新深蓝"之后，深蓝汽车近日传出人事变动消息，邓承浩升任深蓝汽车董事长；荣耀前 中国区CMO姜海荣加盟，出任深蓝汽车CEO。这一调整不仅显示了深蓝汽车在新能源领域积极布局的 决心，更标志着其在 ...

Core Insights - Nissan's global sales in July 2025 exceeded the previous year's performance for the first time in 16 months, with a year-on-year increase of 1%, reaching 262,745 units [2] - The launch of the electric vehicle "N7" in China has significantly boosted sales, contributing to a 22% year-on-year increase in sales, totaling 57,359 units [4] - Despite improvements in sales performance, the domestic market in Japan and Europe remains sluggish, with Japan experiencing a 19% decline, the largest among the eight major Japanese automakers [4] Regional Performance - China has played a crucial role in driving sales growth, with a notable 22% increase [4] - North America saw a 4% increase in sales, totaling 107,929 units, despite a decline in the U.S. market [4] - Japan's domestic sales have decreased by 19%, indicating ongoing challenges in the local market [4] Future Outlook - Nissan plans to undertake a comprehensive improvement of the EV "LEAF" (known as "聆风" in China) for the first time in eight years, which is seen as a critical factor for reversing the current sales decline [4]

Core Viewpoint - The article highlights the rapid development of emerging industries in Hefei, positioning it as a significant player in the global innovation landscape, particularly in quantum computing, artificial intelligence, and new energy sectors [1][3]. Group 1: Macroeconomic Perspective - Hefei is transitioning from a traditional agricultural province to a hub for strategic emerging industries, with Feixi County recognized as the first "billion county" in Anhui, maintaining a GDP growth rate of 4.5% in 2024 and a 12% annual increase in technology innovation investment [7]. - The integration of top-level policy design with market capital is essential for enhancing the efficiency of technology innovation and market application [10]. Group 2: Corporate Transformation - Anhui Mingbang Real Estate Group is evolving from a developer to a "city service provider," focusing on creating an integrated lifestyle that combines ecology, intelligence, and culture [13]. - The company is advancing its digital transformation in building intelligence and supply chain management to align with modern industry needs [13]. Group 3: Future Industries - Emerging sectors like low-altitude economy and biomanufacturing are projected to have significant market potential, with the low-altitude economy expected to exceed one trillion in scale [16]. - Companies are encouraged to strategically invest in second curve businesses through enhanced R&D, innovation platform development, and optimized result transformation mechanisms [16]. Group 4: Green Practices - The solar energy industry is focusing on creating a closed-loop full industry chain from upstream silicon particles to recycling, with efficiency improvements in component production [19]. - Companies like Sungrow Power Supply are embedding ESG principles into their operations, aiming for net-zero emissions across their supply chain [19]. - The construction industry is urged to adopt green building practices, with a significant emphasis on prefabricated construction to reduce pollution [21]. Group 5: Innovation Resonance - Technology is viewed as a means to enhance traditional industries rather than disrupt them, with companies leveraging data analytics to optimize operations and market strategies [24]. - The transformation of technology results into practical applications remains a global challenge, with firms like Mai Technology providing digital tools to enhance innovation efficiency [25]. - Quantum technology is being commercialized in areas such as secure communication and precision measurement, supported by local talent and policy [26]. Group 6: Strategic Development in Hefei - Hefei's southwest region is emerging as a new center for strategic emerging industries, focusing on electric vehicles, high-end intelligent manufacturing, and integrated health sectors [28]. - The region is leveraging its transportation infrastructure and innovation ecosystem to position itself as a key node in the national emerging industry layout [31].

Group 1 - Germany's factory orders unexpectedly declined by 2.9% in July, the largest drop since January, undermining optimism for a quick recovery from a three-year recession [1] - Economists had predicted a 0.5% increase in demand, but excluding large orders, demand was expected to grow by 0.7% [1] - The German Federal Statistical Office indicated that high uncertainty in the trade environment and ongoing geopolitical risks are the main reasons for the volatile order trends [1] Group 2 - The chemical industry in Germany faced severe challenges, with the capacity utilization rate at only 72% in the second quarter, the lowest in over 30 years [2] - Several research institutions have downgraded their economic growth forecasts for Germany in 2025, estimating growth between 0.1% and 0.2% [2] - However, due to increased government spending and interest rate cuts by the European Central Bank, a recovery in the German economy is expected next year, with a projected growth of 1.4% [2]