（文章来源：第一财经） 国金证券指出，9月体平稳运行，结构上出口维持韧性、内需在"金九银十"旺季的带动下边际回暖，但 各行业表现冷热不均。供给侧治理与产业升级先行见效，对应上游资源品与新兴制造业、高端装备制造 业景气度先行占优；需求侧刺激与消费信心修复滞后使得传统原材料、消费板块"旺季不旺"。 ...

智通财经APP获悉，国金证券发布研报称，9月经济总体平稳运行，内需在"金九银十"旺季的带动下边 际回暖，但各行业表现冷热不均。供给侧治理与产业升级先行见效，对应上游资源品与新兴制造业、高 端装备制造业景气度先行占优；需求侧刺激与消费信心修复滞后使得传统原材料、消费板块"旺季不 旺"。展望后续，若财政支出加速、更多稳地产&促消费的需求侧配套支持政策能够落地，则传统原材 料、消费板块景气度有望回暖，行业间分化格局趋于收敛。反之，上游资源品阶段性占优的格局可能持 续。与此同时，受益于国内产业升级、海外制造业修复的制造业方向有望维持较高景气。 国金证券主要观点如下： 9月行业信息总结 回顾9月产销旺季中各行业景气度的变动，整体上旺季氛围仍在，行业间表现分化。其中，上游资源 品、中游新兴&高端设备制造业，旺季成色较浓。相较而言，上游原材料、下游消费板块旺季成色不 足。具体来看：1）上游资源与原材料行业——①上游资源品："反内卷"政策推进与供给约束下煤炭、 工业金属旺季供给收缩、需求增加，价格延续上行，旺季成色最浓。②上游原材料：钢铁、建材在传统 投资链条景气度低位，旺季改善有限。2）中游制造环节——新兴制造业、高端装备 ...

Core Viewpoint - Nanjing Chemical Fiber Co., Ltd. has responded to the Shanghai Stock Exchange's inquiry regarding its major asset restructuring, focusing on asset evaluation, income from incoming assets, major customers, suppliers, and gross margin issues [1] Group 1: Asset Disposal - The company has reported continuous negative net profits over the past three years, with impairment losses totaling 32.6 million, 77.3 million, and 26.6 million respectively [2] - The disposed assets were evaluated using the asset-based approach, with a book value of 557.4 million and an assessed value of 729.3 million, primarily due to the appreciation of land use rights in Nanjing Liuhe [2] - Significant impairment provisions were made for inventory, fixed assets, construction in progress, intangible assets, and contract assets, with inventory impairment being particularly notable due to market price fluctuations [2][3] Group 2: Asset Acquisition - The main product of Nanjing Technology is rolling functional components, with stable revenue growth in the CNC machine tool sector attributed to new customer development and enhanced core competitiveness [4] - Revenue from direct sales has decreased while revenue from trading customers has increased, reflecting the company's strategic adjustments to market changes [4][5] - The company maintains stable customer cooperation due to the high customization of its products, with a product lifespan of over 10 years, ensuring sustainable partnerships [4][6] Group 3: Revenue Recognition and Customer Management - The company's revenue recognition policy aligns with accounting standards, confirming revenue when customers obtain control of the goods [5] - The top five customers have a long history of cooperation, with a high proportion of revenue coming from customers with over three years of partnership [6] - Different sales models exhibit varying gross margins, with direct sales targeting the mid-to-high-end market and trading models offering lower margins to encourage market expansion [6][7] Group 4: Procurement and Gross Margin Analysis - The company primarily procures steel and outsourced processing services, with procurement prices reflecting market trends and being determined through fair bidding processes [7] - The gross margin of the main business has slightly declined due to changes in unit selling prices and costs, with some products experiencing price reductions to increase market share [7] - Compared to industry peers, the company's gross margin remains higher due to high product customization, customer structure differences, and varying product value [7][8]

Group 1 - The potential interest rate cut by the Federal Reserve in September 2025 is a key external factor influencing the Chinese economy, with a 92% probability of a rate cut reflected in the U.S. interest rate futures market [1] - The U.S. labor market shows signs of weakness, with a 0.8 percentage point decline in GDP growth from the first to the second quarter, and the core PCE price index year-on-year growth falling to 2.3%, creating room for the Fed to ease monetary policy [1] Group 2 - The narrowing of the China-U.S. 10-year government bond yield spread from 2.1 percentage points in 2023 to 0.3 percentage points is a significant positive development, potentially allowing for a 150 basis point reduction in China's reserve requirement ratio [3] - The aviation and real estate sectors are expected to benefit first, with the former holding $38.7 billion in dollar-denominated debt and the latter having approximately $52.6 billion in outstanding dollar debt, alleviating financial cost pressures from exchange rate fluctuations [3] Group 3 - Over the past 12 months, northbound capital has net flowed into the A-share market by 243 billion yuan, with the consumer electronics, new energy vehicles, and high-end equipment manufacturing sectors accounting for 62% of this inflow [3] - In the MSCI China index, stocks with foreign ownership exceeding 5% have an average valuation below the central value of the past five years by 23%, indicating potential for value reassessment during the Fed's rate cut cycle [3] Group 4 - The CFETS RMB exchange rate index, if it rises to the 101-103 range, could reduce the average procurement cost of basic imported goods by 6.3%, significantly impacting strategic materials like iron ore and crude oil [4] - The apparel and textile sectors may face pressure, with a 1% appreciation in the RMB potentially eroding profit margins by 4.7%, affecting over 120,000 export enterprises [4] Group 5 - The manufacturing PMI has remained above the threshold for four consecutive months, with the new export orders index rising to 51.6, indicating effective structural adjustments [4] - The recent 9.2% increase in the global commodity price index may offset some benefits from alleviating input deflationary pressures [4]

Group 1 - High-quality development is the primary task for building a modern socialist country, emphasizing the need for coordinated advancement of high-quality development and high-level protection [1][2] - The current stage of economic and social development in China is characterized by accelerated green and low-carbon high-quality development, with significant challenges due to the large population and existing pressures on ecological civilization [2][3] - The necessity to reduce resource and environmental costs through high-quality development is highlighted, with a focus on transforming economic and social structures towards sustainability [2][3] Group 2 - The approach to addressing resource and environmental issues involves adopting a green development philosophy and implementing comprehensive green practices across all sectors [2][3] - The promotion of industrial transformation and upgrading is essential, including the elimination of outdated production capacity and the advancement of strategic emerging industries that are resource-efficient and environmentally friendly [2][3] - The development of new productive forces centered on technological innovation is crucial for driving the transformation of production methods and enhancing efficiency, contributing to a green and low-carbon economy [3]

Group 1 - The company held an online investor reception day on September 19, 2025, from 14:00 to 17:00 [1][3] - The event was conducted via the "Investor Relations Interactive Platform" by P5W [4] - Key personnel present included Chairman Li Gang, General Manager Yu Xiping, Vice General Manager and Board Secretary Chen Lei, and CFO Zhu Jianchao [6] Group 2 - Investors participated in the event by submitting questions online [5] - A significant topic discussed was the company's strategy in the automotive smart manufacturing sector, particularly regarding the automation of new energy vehicle battery assembly and smart cockpit assembly [7] - The company emphasized its focus on high-end equipment design and manufacturing, leveraging advanced technologies to meet market demands and enhance its market share [7]

Economic Overview - Hangzhou's industrial added value reached 225.2 billion yuan in the first half of the year, with a year-on-year growth of 6.9%, surpassing GDP growth by 1.4 percentage points, indicating strong support for economic growth [2] - The industrial economy of Hangzhou demonstrates resilience and quality improvement amidst complex external environments and the need for domestic demand stimulation [2] Key Industries Performance - Key industries such as automotive manufacturing, computer communication, and electrical machinery showed significant growth, with added values increasing by 29.3%, 16.7%, and 11.6% respectively, providing solid support for overall industrial growth [3] - The automotive manufacturing sector, a key focus for Hangzhou, saw a remarkable growth rate of 29.3%, driven by the rapid production of key components for new energy and intelligent connected vehicles [3] Innovation and New Products - The equipment manufacturing sector's added value grew by 10.5%, with high-end equipment manufacturing increasing by 13.6%, reflecting a strong focus on innovation [5] - New energy vehicle production surged by 117.8%, industrial robot production increased by 125.4%, and integrated circuit production rose by 29.4%, showcasing the impact of innovation on industrial growth [5] Policy Support and Industry Development - Hangzhou has intensified efforts in policy support, project implementation, and enterprise services to stabilize industrial growth [4] - The city organized multiple industry-specific matchmaking events and introduced new measures to support high-growth enterprises, focusing on five major industrial ecosystems [4] Digital Economy and Smart Manufacturing - The software industry achieved a revenue of 538.69 billion yuan from January to May, growing at a rate of 13.09%, becoming a core support for industry growth [9] - Companies are investing significantly in smart manufacturing, with one firm achieving a production speed of 3.5 seconds per compressor, reflecting advancements in production efficiency [9] Future Industry Development - Hangzhou is actively pursuing new industries such as artificial intelligence, low-altitude economy, humanoid robots, and quantum technology, aiming to capture new market opportunities [9] - The city has established a list of 16 pilot areas for future industries, indicating a strategic focus on innovation and industrial transformation [9]

Group 1 - The manufacturing Purchasing Managers' Index (PMI) for July is 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a contraction in manufacturing activity [1] - The non-manufacturing business activity index and the comprehensive PMI output index are at 50.1% and 50.2%, respectively, both down by 0.4 and 0.5 percentage points from last month, but still above the critical point, suggesting overall economic expansion [1] - The production index remains in expansion at 50.5%, with manufacturing production activities continuing to grow [1] Group 2 - The main raw materials purchasing price index and the factory price index are at 51.5% and 48.3%, respectively, increasing by 3.1 and 2.1 percentage points from last month, indicating an improvement in manufacturing market price levels [1] - The high-tech manufacturing PMI is at 50.6%, indicating continued expansion and strong resilience against shocks, driven by robust market demand and policy support [1] - The equipment manufacturing PMI is at 50.3%, showing that high-end equipment manufacturing is also maintaining expansion [1] Group 3 - Large enterprises show a good production and operational status, with production index and new orders index at 52.1% and 50.7%, respectively, both remaining in the expansion zone for three consecutive months [2] - The production and business activity expectation index for July is at 52.6%, up by 0.6 percentage points from last month, indicating increased confidence among manufacturing enterprises regarding market development [2] - The non-manufacturing business activity index also remains in expansion, with the business activity expectation index rising by 0.6 percentage points from last month, reflecting optimism among service industry enterprises [2]

Group 1: Economic Performance - In the first half of 2025, China's GDP reached 66,053.6 billion yuan, with a year-on-year growth of 5.3% at constant prices [1] - The overall economic performance reflects strong resilience and vitality despite a complex external environment [2][3] Group 2: Policy Support - Fiscal and financial policies have been actively supporting economic growth, with an increase in special government bonds from 1 trillion yuan to 1.3 trillion yuan [3] - The government has doubled the support for consumer goods replacement from 150 billion yuan to 300 billion yuan, indicating a proactive fiscal stance [3] Group 3: Industrial and Consumption Trends - Industrial added value for large-scale enterprises grew by 6.4% year-on-year, with advanced manufacturing and high-tech industries providing strong support [2] - There is a growing demand for high-quality, green, and low-carbon products, indicating an ongoing upgrade in consumption structure [2] Group 4: Trade and Financial Sector - China's import and export volume reached 21.7876 trillion yuan, a year-on-year increase of 2.9%, marking a historical high for the same period [4] - The interbank RMB market's weighted average interest rate fell from 1.86% in January to 1.46% in June, supporting the real economy [4][6] Group 5: Market Outlook - The capital market has shown signs of recovery, with the Shanghai Composite Index recently surpassing 3,500 points, reflecting improved market confidence [6] - Future policy innovations are expected to target weak areas of the macro economy, including real estate and service sectors [6]

Core Insights - The Sci-Tech Innovation Board (STAR Market) serves not only as a financing platform but also as an innovation accelerator, significantly enhancing the technological autonomy and innovation capabilities of high-end equipment manufacturing companies in China [1][2]. Industry Overview - The high-end equipment manufacturing industry is crucial for national strength, supporting the development of new productive forces and a modern industrial system. The STAR Market has attracted over 100 high-end equipment manufacturing enterprises, covering key sectors such as industrial robots, laser processing, and automation control systems [1][2]. - The release of the "Eight Measures for Deepening STAR Market Reform" aims to support companies in the high-end equipment sector in their transition towards new productive forces, leading to 20 disclosed industrial acquisitions since the announcement [1][6]. Company Developments - Companies like Kede CNC have maintained growth in revenue and are focusing on strategic upgrades and technological innovations, achieving significant applications in aerospace and high-end industrial equipment [2]. - Zhongkong Technology has transformed from a control system company to an industrial AI platform, enhancing its core technologies and establishing a complete AI ecosystem since its listing on the STAR Market [3][5]. - Nanfang Technology, a leader in smart grid equipment, has established a national manufacturing innovation center and received multiple awards for its technological advancements [4]. Mergers and Acquisitions - The STAR Market has facilitated strategic investments and mergers, allowing companies to enhance their technological capabilities and achieve industry consolidation. For instance, Zhongkong Technology's acquisition of Hobré International's core assets has significantly strengthened its position in high-end process analysis instruments [5][6]. - The trend of mergers and acquisitions is evident, with companies like Zhongrun Optics actively engaging in strategic acquisitions to enhance their technological and product capabilities [6]. Market Trends - Nearly 70% of high-end equipment manufacturing companies on the STAR Market are participating in initiatives aimed at improving quality and efficiency, reflecting a growing awareness of high-quality development and investor returns [6]. - The STAR Market is seen as a transformative force for companies, enabling them to focus on innovation, long-term R&D investments, and global technology integration, thereby positioning them as key players in the global "hard technology" landscape [6].