点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 根据极地黄金2025年半年报，2025年上半年，极地黄金锑矿产量为0。公司2024年年报预计2025年总现金 成本将提升，由于锑是作为副产品收益对成本进行抵扣，成本上升原因之一或是由于锑矿产量大幅下滑， 合理预计2025年下半年锑矿产量将继续保持低位。 今年锑价先扬后抑 2025年1月1日-4月17日，内盘锑价由14.3万元/吨上涨至24.0万元/吨；4月17日-9月8日，内盘锑价由24.0万 元/吨下降至18.3万元/吨。 根据俄罗斯极地黄金2025年半年报，2025年上半年，极地黄金锑矿产量为0。 点评： 2023-2024年极地黄金锑矿产量快速下滑 极地黄金是海外主要的锑矿供给来源之一，2023年极地黄金锑矿产量 ...

25H1，公司水泥业务实现营业收入91.5亿元，同比+6%。其中，国内水泥业务收入50.2亿元，同比-1%； 海外水泥业务收入41.3亿元，同比+15%。销量方面，25H1公司实现水泥及商品熟料销量2774万吨，同 比-3%；其中海外销量839万吨，同比+10%。25H1，水泥产品平均售价为330元/吨，同比+26元/吨，成本 为232元/吨，同比-9.4元/吨；毛利率提升至30%，同比+9pcts。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 华新水泥发布2025年中报。25H1，公司实现收入/归母净利润/扣非归母净利润分别为160/11.0/10.7亿元， 同比-1%/+51%/+57%。25Q2，公司实现收入/归母净利润/扣非归母净利润分别为89/8.7/ ...

Core Viewpoint - Apple has launched a series of new products, including the iPhone 17 series, iPhone Air, AirPods Pro 3, and new Apple Watch models, with a focus on integrating AI features and enhancing hardware specifications [4][5]. Product Launch Summary - Apple held its fall product launch event on September 10, 2025, introducing four new smartphones, a new headphone model, and three smartwatch chips, with availability starting September 20, 2025 [4]. iPhone Air Series Highlights - The iPhone Air features a thickness of only 5.6mm, making it the thinnest iPhone ever, with a titanium frame and Ceramic Shield glass for enhanced durability [6] - It is powered by the A19 Pro chip and includes Apple's first self-developed wireless N1 chip, supporting Wi-Fi 7 and Bluetooth 6, along with a C1X modem that doubles the speed of its predecessor while reducing power consumption by 30% [6] - The display is a 6.5-inch ProMotion 120Hz screen with a peak brightness of 3000 nits, and the camera system includes a 48MP rear camera and advanced features for low-light photography [6] - The iPhone Air does not have a physical SIM card slot, adopting a global eSIM model, with current support from China Unicom in mainland China [6][7]. iPhone Pro and Pricing Strategy - The starting storage capacity for the iPhone Pro has increased to 256GB, with the base model priced at $1099, reflecting a $100 increase from the previous generation [8] - The iPhone Air starts at $999 for the 256GB version, up from $899 for the iPhone 16 Plus of the same capacity [8] - Overall, Apple aims to increase the average selling price (ASP) of the iPhone series through higher storage options and pricing adjustments [8].

Core Viewpoint - The company has achieved significant growth in performance, with a notable increase in net profit margin [4] Group 1: Financial Performance - In H1 2025, the company's revenue reached 2.63 billion RMB, representing a year-on-year growth of 20.9% [4] - The net profit attributable to shareholders was 170 million RMB, showing a year-on-year increase of 55.9% [4] - The comprehensive gross margin was 28.7%, a decrease of 1.5 percentage points year-on-year, while the comprehensive net margin was 6.3%, an increase of 1.2 percentage points year-on-year [4] Group 2: Business Growth - All business segments showed steady growth, with revenues from oilfield technology services, oilfield management services, testing services, and drilling rig services reaching 1.21 billion, 1.00 billion, 200 million, and 220 million RMB respectively, with year-on-year growth rates of 22.9%, 11.2%, 21.7%, and 74.2% [5] - The company is developing new business models, having secured a 25-year development right for the Dhufriyah oilfield in Iraq, marking its entry into a new era of oil and gas field development [5] - The company has also initiated a natural gas utilization business, successfully starting the first onshore natural gas commercialization project in Malaysia [5] Group 3: Market Performance - In H1 2025, revenues from the Chinese market, Iraqi market, and other overseas markets were 950 million, 1.45 billion, and 230 million RMB respectively, with year-on-year changes of +43.0%, +16.6%, and -13.9% [6] - The company has made significant progress in the Tarim oilfield, assisting clients in completing the first 10,000-meter deep well's fracture dynamic visualization monitoring [6] - New orders signed in the Chinese market totaled 1.63 billion RMB, remaining stable year-on-year, while new orders in Iraq were 2.51 billion RMB, a decrease of 11.4% [6] - New orders in other overseas markets reached 610 million RMB, a year-on-year increase of 54.5%, providing strong support for the company's overall order formation [6]

Core Viewpoint - The global semiconductor industry is experiencing growth driven by increased demand in AI computing, data centers, and smart driving, with significant sales increases projected for 2025 and beyond [4]. Group 1: Market Growth - In the first half of 2025, global semiconductor sales are expected to reach approximately $405 billion, representing a year-on-year growth of 20.4%, with China's semiconductor sales around $113.5 billion, up 11.1% [4]. - The World Semiconductor Trade Statistics (WSTS) forecasts that the global semiconductor market will reach $700.9 billion in 2025, a year-on-year increase of 11.2%, with the Asia-Pacific market expected to grow by 9.8% to approximately $370.6 billion [4]. - By 2026, the global semiconductor market is projected to further increase to $760.7 billion, reflecting an 8.5% year-on-year growth [4]. Group 2: Wafer Capacity Expansion - The construction of wafer capacity is accelerating, particularly in advanced processes, with SEMI predicting that global 12-inch wafer monthly capacity will reach 11.1 million pieces by 2028, corresponding to a CAGR of about 7% from 2024 to 2028 [5]. - The monthly capacity for advanced processes of 7nm and below is expected to grow from 850,000 pieces in 2024 to 1.4 million pieces in 2028, with a CAGR of approximately 14% [5]. - The expansion of wafer capacity is expected to drive an increase in semiconductor materials demand, with the global semiconductor materials market projected to reach about $70 billion in 2025, a year-on-year growth of 6% [5]. Group 3: Subsector Growth - The market for photoresists in China is projected to reach approximately 6.8 billion yuan for integrated circuits, 6.7 billion yuan for new displays, and 4.4 billion yuan for PCBs in 2025, with respective year-on-year growth rates of 4.49%, 3.09%, and 17.25% [6]. - The total demand for wet electronic chemicals in China is expected to reach 4.685 million tons in 2025, a year-on-year increase of 3.9%, with demand in integrated circuits and display panels growing by 23.1% and 10.1%, respectively [6]. - The global market for electronic specialty gases is anticipated to reach $6.4 billion in 2025, reflecting a year-on-year growth of 6.7%, while the Chinese market is expected to reach 27.9 billion yuan, up 6.3% [7]. Group 4: Company Performance - In the first half of 2025, semiconductor materials companies achieved a total revenue of 110.17 billion yuan, marking an 11.0% year-on-year increase, with net profit attributable to shareholders reaching 3.95 billion yuan, up 40.5% [8]. - For Q2 2025, revenue was 58.94 billion yuan, reflecting a year-on-year growth of 17.2% and a quarter-on-quarter increase of 15.0%, while net profit was 2.20 billion yuan, up 78.7% year-on-year and 26.0% quarter-on-quarter [8]. - R&D expenditures in the first half of 2025 totaled 5.70 billion yuan, a year-on-year increase of 14.4%, with an R&D expense ratio of approximately 5.2%, up 0.2 percentage points [8].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 25H1，公司海洋装备行业涂料业务实现收入6.0亿元，实现销量3.8万吨，产品均价1.6万元/吨，同比 +4%，实现毛利率17.6%。海洋装备涂料包含集装箱涂料、船舶涂料、海上平台涂料及港口设备涂料，在 船舶涂料方面，公司已于今年第一季度通过部分产品在挪威船级社的认证，中国船级社、美国船级社的认 证也在顺利推进中，25H1，船舶涂料已开始贡献销售。 新能源行业涂料业务：价格同比下滑，营收毛利比例提升 25H1，公司新能源行业涂料业务实现收入2.8亿元，实现销量0.9万吨，产品均价3.0万元/吨，同比-7%，实 现毛利率36.1%。新能源行业涂料业务包含风电涂料、光伏涂料、储能涂料等，新能源行业涂料占公司整 体营收的比例提升至31.55% ...

Group 1: Military Industry New Materials - The price of electrolytic cobalt is 263,000 CNY/ton, unchanged from the previous week, with a cobalt price ratio of 0.86, down 0.5% [4] - Carbon fiber price is 83.8 CNY/kg, unchanged from the previous week, with a gross profit of -8.59 CNY/kg [4] Group 2: New Energy Vehicle Materials - The price of Li2O 5% lithium concentrate at China's port is 726 USD/ton, down 9.81% [5] - The prices of battery-grade lithium hydroxide, industrial-grade lithium hydroxide, and electric carbon are 78,900 CNY/ton, 77,000 CNY/ton, and 76,200 CNY/ton, down 4.2%, 4.35%, and 1.1% respectively [5] - The price of sulfuric cobalt is 53,200 CNY/ton, up 0.19% [5] - The prices of lithium iron phosphate and 523-type cathode materials are 34,300 CNY/ton and 113,300 CNY/ton, unchanged and down 0.4% respectively [5] - The price of neodymium oxide is 579.72 CNY/kg, down 2.9% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 6.20 USD/kg, unchanged from the previous week [6] - The price of EVA is 10,800 CNY/ton, up 2.9%, remaining at a low level since 2013 [6] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/sqm, unchanged [6] Group 4: Nuclear Power New Materials - The prices of zirconium-related materials are stable, with prices for zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand remaining unchanged [7] - The uranium price for June 2025 is 59.58 USD/lb, up 4.0% [7] Group 5: Consumer Electronics New Materials - The price of cobalt tetroxide is 213,000 CNY/ton, up 0.47% [9] - The price of lithium cobalt oxide is 175.0 CNY/kg, unchanged [9] - The prices of silicon carbide, high-purity gallium, crude indium, and refined indium are 5,300.00 CNY/ton, 1,755.00 CNY/kg, 2,445.00 CNY/kg, and 2,545.00 CNY/kg respectively, with high-purity gallium remaining unchanged and crude and refined indium down 1.2% [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 326.00 CNY/g, 1,815.00 CNY/g, and 1,195.00 CNY/g respectively, with rhodium down 1.1% [10]

Core Viewpoint - The company reported a significant revenue increase and a return to profitability in the first half of 2025, driven by strong demand recovery and effective operational strategies [4][5]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 201 million, representing a year-on-year growth of 180.16% [4]. - The net profit attributable to shareholders reached 56.63 million, marking a turnaround from previous losses [4]. - The gross margin and net margin for H1 2025 were 68.04% and 28.15%, respectively, reflecting increases of 13.35 percentage points and 61.96 percentage points year-on-year [5]. Group 2: Project Orders and Delivery - The company has seen a significant increase in project orders across various sectors, with a strong focus on satellite applications and ground-based projects [6]. - In the satellite sector, the company maintains a leading position and is expanding the number of satellite models for product applications, with several large-scale remote sensing constellation projects entering the mass delivery phase [6]. - The airborne sector has also experienced rapid revenue growth due to the large-scale delivery of previously awarded projects [6]. - The ground sector is expected to become a key growth driver, with ample projects in hand and steady implementation based on customer needs [6]. Group 3: Research and Development - The company increased its R&D expenditure to 52.81 million in H1 2025, a year-on-year increase of 45.01% [8]. - Continuous product iteration and innovation are being prioritized, with successful bids for new projects across multiple fields [8]. - As a representative private enterprise in T/R chip R&D and production, the company possesses dual advantages in technology and cost, positioning it to benefit from the substantial growth in downstream demand and product application penetration [8].

点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 今 日 聚 焦 【固收】CPI和PPI均环比持平——2025年8月CPI和PPI数据点评兼债市观点 （王招华/马俊/王秋琪）2025-09-10 您可点击今日推送内容的第2条查看 【麦加芯彩（603062.SH）】收入利润实现较快增长，经营质量改善，船舶涂料开始贡献销售——跟踪点 评报告 8月CPI环比为0%，PPI环比连续8月为负值后终于止跌。利率债方面，2025年8月长端收益率明显提升。当 前资金面较为宽松，我们认为对纯债应乐观起来，10Y国债收益率波动中枢为1.7%。从8月25日至今转债 表现相对正股并不占优，转债整体处于高位压缩估值阶段。往前看转债依然是相对优质资产，短期下跌后 配置的机会显现。 （张旭/李枢川）2025-09-10 您可点 ...

Core Viewpoint - The article discusses the recent CPI and PPI data released by the National Bureau of Statistics, highlighting a decline in CPI and PPI, with specific attention to the structural changes in prices and the implications for the bond market [4][5]. CPI and PPI Summary - In August 2025, the CPI decreased by 0.4% year-on-year, with a core CPI increase of 0.9%, indicating a slight upward trend in core inflation [4][5]. - The CPI's month-on-month growth rate was 0%, showing a decline from July's 0.4% [5]. - The PPI saw a year-on-year decline of 2.9%, an improvement from July's 3.6% drop, and the month-on-month growth rate was also 0%, marking a halt in the negative trend after eight months [5]. Structural Analysis - The CPI structure revealed that food prices continued to decline, energy prices remained low, and service prices showed an increase in growth [5]. - The PPI's structural differentiation was noted, with upstream extraction prices rising quickly, but the transmission to downstream industrial products was not yet evident [5]. Bond Market Insights - The bond market has shown a divergence in yield trends since August 2025, with short-term yields stable and long-term yields increasing significantly [6]. - The current liquidity is relatively loose, leading to an optimistic outlook for pure bonds, with the 10-year government bond yield expected to stabilize around 1.7% [6]. - Convertible bonds have underperformed relative to underlying stocks since August 25, but the long-term outlook remains positive due to strong demand and limited supply [6].