Core Viewpoint - The report from Industrial Securities highlights significant volatility in global risk assets due to concerns over tightening overseas liquidity and discussions surrounding an "AI bubble" [1] Group 1: Market Conditions - Global risk assets have experienced substantial fluctuations this week, influenced by a lack of economic data, frequent hawkish statements from the Federal Reserve, and rising liquidity pressures in the money market due to government shutdown and fiscal constraints [1] - The strong dollar has suppressed global stock markets and commodity prices, with technology-heavy indices like Nikkei 225, Korean stock index, and Nasdaq leading the decline [1] Group 2: Future Outlook - The probability of overseas liquidity tightening evolving into systemic risk is low, as solutions from the Federal Reserve and bipartisan negotiations to reopen the government are progressing, which may gradually alleviate external disturbances on risk appetite [2] - If the U.S. government shutdown ends as expected in mid-November and more economic data is released, market expectations for Federal Reserve rate cuts will be recalibrated, potentially creating a window for global recovery [3] Group 3: AI Industry Analysis - The current discussions around the "AI bubble" have caused some disturbances in the domestic AI industry chain, but Industrial Securities believes that AI's empowerment of traditional industries is still in its early stages, making it incomparable to the internet bubble of 1999-2000 [4] - The development logic of the AI industry is clear, with major global tech companies continuously defining their AI strategies, and the fundamentals of leading companies in the U.S. stock market remain strong due to ongoing R&D investments and capital expenditures [4] Group 4: Investment Strategies - The "14th Five-Year Plan" emphasizes AI as a key driver for national competition and technological innovation, indicating that the AI industry chain will be a focus area with favorable prospects next year [5] - The year-end market is seen as an important window for positioning in sectors expected to perform well in the coming year, with a focus on cyclical sectors such as steel, chemicals, construction materials, and new consumption [6][7] - High-growth sectors expected to see net profit growth of over 30% next year include AI hardware, new energy, and military industries, while sectors with expected growth of 10%-30% include pharmaceuticals and AI downstream applications [7][8]

Group 1 - The State Intellectual Property Office of China has published a patent application by Shuguang Information Industry Co., Ltd. for a data storage method and related technologies, aimed at improving data storage efficiency [1] - The patent application, filed on April 2025, describes a method that utilizes index information based on the first address offset of memory pages to store data more compactly, enhancing the efficiency of data storage compared to traditional methods [1] Group 2 - Shuguang Information Industry Co., Ltd. was established in 2006 in Tianjin, focusing on the manufacturing of computers, communications, and other electronic devices, with a registered capital of approximately 1.463 billion RMB [2] - The company has made investments in 41 enterprises and participated in 539 bidding projects, holding 415 trademark records and 1,218 patent records [2] - Shuguang Information (Beijing) Co., Ltd., founded in 2001 in Beijing, specializes in technology promotion and application services, with a registered capital of approximately 47.5 million RMB [2] - This subsidiary has invested in 6 enterprises, participated in 1,226 bidding projects, and holds 1,616 patent records [2]

Core Insights - The State Intellectual Property Office of China has granted a patent to Changdian Integrated Circuit (Shaoxing) Co., Ltd. and Xingxin Integrated Technology (Shaoxing) Co., Ltd. for a technology related to "chip verification methods, devices, computer equipment, readable storage media, and program products" with the announcement number CN120317197B, applied on June 2025 [1] Company Overview - Changdian Integrated Circuit (Shaoxing) Co., Ltd. was established in 2019 and is located in Shaoxing City, primarily engaged in the manufacturing of computers, communications, and other electronic devices. The company has a registered capital of 500 million RMB [1] - The company has made investments in one other enterprise, participated in 45 bidding projects, holds 3 trademark registrations, and has 211 patent registrations, along with 9 administrative licenses [1] - Xingxin Integrated Technology (Shaoxing) Co., Ltd. was founded in 2024 and is also based in Shaoxing City, focusing on software and information technology services. The company has a registered capital of 2 million RMB [1] - Xingxin Integrated Technology holds 2 patent registrations [1]

Group 1 - The core viewpoint of the article highlights that Chongqing Sailis Phoenix Intelligent Technology Co., Ltd. has obtained a patent for a "location fingerprint database management method, computer equipment, storage medium, and program product" with the authorization announcement number CN119575301B, applied on January 2025 [1] - Chongqing Sailis Phoenix Intelligent Technology Co., Ltd. was established in 2023 and is located in Chongqing, primarily engaged in technology promotion and application services [1] - The company has a registered capital of 122,225 million RMB and has participated in one bidding project, holding 2,447 patent information entries and one administrative license [1]

Report Title - 7-month economic progress with real estate investment under pressure - A panorama of China's economic data in July 2025 [1] Report Industry Investment Rating No relevant content provided. Core Views - In the first half of the year, the economy grew steadily. In July, industrial growth continued, with the added value of large-scale industries increasing by 5.7% year-on-year and 0.38% month-on-month. From January to July, it increased by 6.3% year-on-year. The PPI decreased by 3.6% year-on-year in July (unchanged from the previous month) and 0.2% month-on-month (narrowed by 0.2% compared to the previous month). The CPI remained flat year-on-year in July (0.1% in June) and increased by 0.4% month-on-month ( -0.1% in June), ending the consecutive month-on-month decline [2]. - Domestic demand still needs improvement, and external uncertainties are increasing. In July, the economy advanced steadily. The "anti-involution" optimized the supply chain and accelerated industrial upgrading. Service consumption supported the overall consumer market. Externally, trade protectionism and geopolitical risks intertwined, and continuous vigilance was needed for the impact of commodity supply chain disruptions and new US tariff policies on the second half of the year [4]. Summary by Directory Macro Events - On August 15, National Bureau of Statistics data showed that in July, the national economy maintained a steady and progressive development trend, with production and demand continuing [6]. Growth: Steady Growth - In July, industrial growth continued. The added value of large-scale industries increased by 5.7% year-on-year and 0.38% month-on-month. From January to July, it increased by 6.3% year-on-year. By category, the mining industry increased by 5.0% year-on-year, manufacturing by 6.2%, and the production and supply of electricity, heat, gas, and water by 3.3%. The added value of the equipment manufacturing industry increased by 8.4% year-on-year, and the high-tech manufacturing industry by 9.3%, 2.7 and 3.6 percentage points faster than the overall large-scale industries respectively [10]. Inflation: Month-on-Month Improvement - In July 2025, the PPI decreased by 3.6% year-on-year (unchanged from the previous month) and 0.2% month-on-month (narrowed by 0.2% compared to the previous month). The purchase price decreased by 4.5% year-on-year and 0.3% month-on-month. From January to July, the PPI decreased by 2.9% cumulatively. The CPI remained flat year-on-year in July (0.1% in June) and increased by 0.4% month-on-month ( -0.1% in June), ending the consecutive month-on-month decline. The core CPI increased by 0.8% year-on-year, with the increase expanding for three consecutive months, reaching a new high since March 2024 [19][39]. Investment: Marginal Slowdown - From January to July 2025, fixed - asset investment increased by 1.6% year-on-year (2.8% previously), and the month-on-month decline continued ( -0.63% in July). The investment growth rate of the secondary industry slowed down to 8.9% (manufacturing investment +6.2%), and the investment in the tertiary industry decreased by 2.3% (more affected by real estate) [53]. Production: Downstream Improvement - In the first half of 2025, the added value of large-scale industries increased by 6.4% year-on-year. The manufacturing industry increased by 7.0%. The downstream demand improved significantly, but the weakness of upstream raw material industries and export pressure were constraints [59]. Consumption: Structural Differentiation - In July 2025, the growth rate of the consumer market slowed down. From January to July, the total retail sales of consumer goods increased by 4.5% year-on-year (5.0% previously). The single - month retail sales in July increased by only 3.7% year-on-year, reaching a new low for the year. Service consumption showed resilience, while the growth of online channels slowed down [69]. Real Estate: Investment Under Pressure - From January to July, the national real estate development investment decreased by 12.0% year-on-year, with the decline expanding by 0.8% compared to January - June. The sales side remained weak, but policy - driven structural optimization accelerated inventory reduction [78].

Group 1 - The core point of the article is the patent application by SANY Red Elephant Battery Co., Ltd. for a charging control method and related technologies, which aims to enhance battery charging efficiency and safety [1] - The patent, published as CN120498078A, was applied for on May 5, 2025, and focuses on optimizing charging strategies based on the charging equipment's capacity and the battery's current needs [1] - The technology allows for dynamic adjustments in the charging process, ensuring safety within the lithium plating boundary while effectively reducing charging time [1] Group 2 - SANY Red Elephant Battery Co., Ltd. was established in 2022 and is located in Changsha, primarily engaged in the manufacturing of electrical machinery and equipment [1] - The company has a registered capital of 100 million RMB and has participated in 521 bidding projects, holding 127 patents and 89 administrative licenses according to Tianyancha data [1]

Core Viewpoint - The China Industrial and Commercial Bank has obtained a patent for a "data settlement method, device, computer equipment, storage medium, and program product," indicating its focus on technological innovation in financial services [1] Company Overview - The China Industrial and Commercial Bank was established in 1985 and is located in Beijing, primarily engaged in monetary financial services [1] - The registered capital of the company is approximately 35.64 billion RMB [1] Investment and Operations - The company has invested in a total of 1,085 enterprises and participated in 5,000 bidding projects [1] - It holds 988 trademark registrations and 5,000 patent records, showcasing its extensive intellectual property portfolio [1] - Additionally, the company has obtained 77 administrative licenses, reflecting its compliance and operational capabilities [1]

Group 1 - The core point of the article is that Tencent Technology (Shenzhen) Co., Ltd. has obtained a patent for a method and device related to "inference engine invocation," with the patent granted on August 5, 2025, and the application date being March 2022 [1] - Tencent Technology was established in 2000 and is primarily engaged in software and information technology services, with a registered capital of 2 million USD [1] - The company has invested in 15 enterprises and participated in 262 bidding projects, holding 5,000 trademark records and 5,000 patent records, along with 527 administrative licenses [1]

Core Insights - The State Intellectual Property Office of China has granted a patent to Industrial and Commercial Bank of China (ICBC) for a technology related to "valuation methods, devices, computer equipment, storage media, and program products" with the announcement number CN114693354B, applied for on March 2022 [1] Company Overview - ICBC was established in 1985 and is headquartered in Beijing, primarily engaged in monetary financial services [1] - The registered capital of ICBC is approximately 35.64 billion RMB [1] - ICBC has invested in 1,085 companies and participated in 5,000 bidding projects [1] - The bank holds 988 trademark records and 5,000 patent records, along with 77 administrative licenses [1]

Group 1 - The core point of the article is that Tencent Technology (Shenzhen) Co., Ltd. has obtained a patent for a method and device related to deep image acquisition, indicating its ongoing innovation efforts in technology [1] Group 2 - Tencent Technology (Shenzhen) Co., Ltd. was established in 2000 and is primarily engaged in software and information technology services [1] - The company has a registered capital of 2 million USD [1] - Tencent Technology has invested in 15 companies and participated in 262 bidding projects [1] - The company holds 5000 trademark records and 5000 patent records, along with 501 administrative licenses [1]