Group 1: Profit Trends - The profit of industrial enterprises above designated size decreased by 1.7% year-on-year from January to July 2025, with a narrowing decline compared to previous months[1] - In July, the profit decline was 1.5%, indicating a slight improvement in the trend[1] - The operating revenue increased by 2.3% year-on-year during the same period, a decrease of 0.2 percentage points from June[3] Group 2: Factors Influencing Performance - The industrial added value grew by 6.3% year-on-year, a slight decline of 0.1 percentage points from June[3] - The PPI (Producer Price Index) growth rate continued to decline due to external uncertainties and extreme weather conditions affecting construction and material demand[3] - The revenue profit margin for January to July was 5.15%, down 4.6% year-on-year, but the decline was less severe than in June, contributing positively to profit growth[3] Group 3: Sector Performance - Among 41 industrial sectors, 19 achieved positive profit growth from January to July, an increase in the growth breadth compared to June[4] - High-tech manufacturing sectors, particularly computer and communication equipment manufacturing, showed significant profit growth, reflecting advancements in AI and semiconductor industries[4] - Different types of enterprises exhibited varied profit growth trends, with private, state-owned, and joint-stock enterprises showing marginal improvements, while foreign-invested enterprises saw a slight decline[3] Group 4: Future Outlook and Risks - Future profit growth for industrial enterprises will depend on stabilizing domestic demand and pricing policies, especially in light of ongoing extreme weather conditions[4] - Risks include potential underperformance of extreme weather impacts and uncertainties in the external environment affecting domestic economic stability[5]

Investment Rating - The industry is rated as "Positive" for the next 12 months, expecting a growth rate exceeding 10% compared to the CSI 300 index [38] Core Views - Excavator sales maintained a strong recovery in July, with significant growth in both domestic and international markets. The demand for construction machinery is expected to continue due to favorable policies such as water conservancy projects and urban renewal actions. Additionally, the reduction of tariff disturbances in major global regions will enhance the cost-performance advantage of domestic construction machinery [3][30] - The recent launch of NVIDIA's new robot computing platform, Jetson Thor, has significantly improved performance and energy efficiency compared to its predecessor. This advancement is seen as a critical phase for the industry, enabling humanoid robots to achieve higher levels of autonomy and control capabilities. Continuous attention to investment opportunities in the supply chain is recommended [3][30] Industry News - The tower crane utilization rate in July was 57.2%, an increase of 0.3 percentage points from the previous month [10] - The national construction machinery operating rate in July was 44.43%, with a month-on-month increase of 4.44% [10] - The U.S. has included mobile cranes, bulldozers, and other heavy equipment in its steel and aluminum tariff list, which may impact the industry [10] Company Announcements - Huichuan Technology reported a 40.15% year-on-year increase in net profit for the first half of 2025 [18] - Sany Heavy Industry announced a 46.00% year-on-year increase in net profit for the first half of 2025 [19] - Zhongdali De reported a 6.50% year-on-year increase in net profit for the first half of 2025 [20] Market Review - From August 20 to August 26, 2025, the CSI 300 index rose by 5.43%, while the machinery equipment industry increased by 2.90%, underperforming the CSI 300 by 2.53 percentage points [21] - As of August 26, 2025, the TTM P/E ratio for the machinery equipment industry was 31.40 times, with a valuation premium of 135.94% compared to the CSI 300 [22]

公 公司点评 司 经营积极求变，二季度业绩降幅环比收窄明显 研 ——索菲亚(002572)2025 年半年报点评 究 分析师： 袁艺博 SAC NO： S1150521120002 2025 年 08 月 27 日 轻工制造-------定制家居 证券分析师 袁艺博 yuanyb@bhzq.com 022-23839135 | 上次评级： | 增持 | | --- | --- | | 最新收盘价： | 14.18 | 究 &2025 年一季报点评 整装业务收入承压，海外业务稳步推进 点评： 公允价值变动扰动半年度业绩，二季度业绩降幅环比收窄明显 证 券 研 研评级究：助理 增持 上次评级： 增持 最近半年股价相对走势 上半年，公司盈利能力承压，毛利率和净利率同比分别下降 1.38 和 4.73 个百 分点，分别为 34.38%和 7.32%；受股权激励费用增加，以及国补业务产生手 续费增加影响，公司管理费用率和财务费用率同比分别提升 2.03 和 0.32 个百 分点，带动期间费用率同比提升 0.38 个百分点。另一方面，由于公司持有国 联民生 1.26%的股份，在上半年形成-1.73 亿元公允价值变动收益， ...

晨会纪要（2025/08/27） 编辑人 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 崔健 渤海证券研究所晨会纪要（2025.08.27） 固定收益研究 收益率全部上行，成交金额持续下降——信用债周报 公司研究 产量完成度超指引中值，业务降本增效成果显著——洛阳钼业（603993）2025 年半年报点评 自主品牌发展良好，电商渠道半年度增长近 40%——乖宝宠物（301498）2025 年半年报点评 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 8 晨 会 纪 要 行业研究 美国 9 月降息预期增强，稀土总量调控政策发布——金属行业周报 证 券 研 究 报 告 晨会纪要（2025/08/27） 固定收益研究 收益率全部上行，成交金额持续下降——信用债周报 李济安（证券分析师，SAC NO：S1150522060001） 王哲语（证券分析师，SAC NO：S1150524070001） 1、核心观点 本期（8 月 18 日至 8 月 24 日）交易商协会发行指导利率整体全部上行，整体变化幅度为 1 BP 至 6 BP ...

Group 1: Fund Research - The Sci-Tech Innovation Board performed outstandingly, with the Communication and Electronics sectors leading the industry [3] - The major indices in the equity market continued to rise, with the Sci-Tech 50 Index increasing by 13.31% and the ChiNext Index rising over 5% [3] - All 31 first-level industries in the Shenwan classification saw gains, with the top five sectors being Communication, Electronics, Comprehensive, Computer, and Beauty Care [3] Group 2: Company Research - Aima Technology (603529) - Aima Technology reported a revenue of 13.031 billion yuan for the first half of 2025, a year-on-year increase of 23.04%, and a net profit of 1.213 billion yuan, up 27.56% [9] - The company's gross margin and net margin improved to 19.25% and 9.49%, respectively, with significant growth in operating cash flow, which increased by 123.03% to 2.586 billion yuan [9][12] - Aima's product development strategy focuses on differentiation by addressing market demand and consumption scenarios, leading to a diverse product portfolio [12] Group 3: Company Research - Tuosida (300607) - Tuosida's revenue for the first half of 2025 was 1.086 billion yuan, a decline of 36.98%, with a net profit of 29 million yuan, down 19.75% [16] - The company is undergoing a strategic transformation, focusing on product business growth, with industrial robot revenue increasing by 22.55% and CNC machine tool revenue rising by 83.74% [16] - The company anticipates a turnaround in profitability as it continues to divest from low-margin project-based businesses [17] Group 4: Industry Research - Light Industry Manufacturing & Textile Apparel - The price of packaging paper has strengthened, with corrugated paper and boxboard prices rising by 180 yuan/ton and 25 yuan/ton, respectively, since the end of July [6][8] - The performance of companies benefiting from the "old-for-new" policy, such as soft home furnishings and electric two-wheelers, showed significant growth in their mid-year reports [8] - The light industry manufacturing sector underperformed the CSI 300 Index by 1.36 percentage points, while the textile and apparel sector lagged by 1.67 percentage points [7][8]

晨会纪要（2025/08/25） 编辑人 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 崔健 渤海证券研究所晨会纪要（2025.08.25） 宏观及策略研究 地缘局势阶段性缓和——宏观经济周报 固定收益研究 债市持续走弱——利率债周报 公司研究 费用率上升压制半年度业绩，直营渠道表现亮眼——森马服饰（002563）2025 年半年报点评 行业研究 证 业绩密集披露，关注超预期标的——医药生物行业周报 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 7 晨会纪要（2025/08/25） 宏观及策略研究 地缘局势阶段性缓和——宏观经济周报 周 喜（证券分析师，SAC NO：S1150511010017） 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩（证券分析师，SAC NO：S1150520110001） 靳沛芃（研究助理，SAC NO：S1150124030005） 1、外围环境而言 美国方面，7 月整体零售销售环比增速维持强劲态势，其中多数商品销售在线上线下促销推动下实现增长。 与此同时，纳 ...

Investment Rating - The investment rating for the company is "Accumulate" [2][11]. Core Viewpoints - The company reported a revenue of 6.149 billion yuan for the first half of 2025, representing a year-on-year increase of 3.26%, while the net profit attributable to shareholders decreased by 41.17% to 325 million yuan [2][3]. - The increase in expense ratio has significantly pressured the half-year performance, although the direct sales channel showed strong performance [2][3]. - The company plans to distribute a cash dividend of 1.50 yuan per 10 shares to all shareholders [2]. Financial Performance Summary - The gross profit margin and net profit margin for the first half of 2025 were 46.70% and 5.19%, respectively, with year-on-year changes of +0.59 and -4.06 percentage points [2]. - The sales expense ratio increased by 5.69 percentage points to 36.32%, influenced by enhanced online marketing and the opening of new offline stores, as well as increased stock option expenses [2][3]. - In the second quarter of 2025, the company achieved a revenue of 3.070 billion yuan, a year-on-year increase of 9.04%, and a net profit of 111 million yuan, down 46.29% year-on-year [2]. Channel Performance - The company had a total of 8,236 offline stores in the first half of 2025, an increase of 96 stores compared to the same period last year, with the direct sales channel showing the most significant growth [3]. - Revenue from the direct sales channel reached 948 million yuan, representing a year-on-year growth of 34.78% [3]. - Online sales revenue was 2.692 billion yuan, remaining stable with a slight decrease of 0.11% year-on-year [3]. Brand and Marketing Strategy - The company is continuously enhancing brand marketing and product iteration, with significant marketing activities leading to increased brand exposure [5]. - The "Bala Bala" brand has completed product line updates and focused on key categories, achieving strong social media engagement [5][6]. - The company is expanding its overseas business, with revenue from international markets reaching 52.0825 million yuan, a year-on-year increase of 79.19% [3].

Investment Rating - The report maintains an "Optimistic" rating for the industry [7][71]. Core Insights - The report highlights the intensive disclosure of company performances, with a focus on companies that exceed expectations. It emphasizes the upcoming World Lung Cancer Conference (WCLC) and the importance of monitoring related company data [6][70]. - The report notes a significant increase in the medical device sector and mentions the approval of new treatments by regulatory bodies, indicating a positive trend in the pharmaceutical and medical device industries [2][16]. Industry News - The National Healthcare Security Administration issued a temporary management method for disease-based payment, which includes budget management and payment standards [16]. - Semaglutide received FDA approval for treating MASH, showcasing advancements in drug approvals [16]. Company Announcements - **Hengrui Medicine** reported a revenue of approximately 15.76 billion yuan for the first half of 2025, a year-on-year increase of 15.88%, and a net profit of approximately 4.45 billion yuan, up 29.67% [25]. - **Baili Tianheng** announced a significant drop in revenue but received breakthrough therapy designation from the FDA for its drug targeting advanced non-small cell lung cancer [28]. - **Rongchang Bio** received breakthrough therapy designation for its drug RC148 for non-small cell lung cancer and signed a licensing agreement [29]. - **Baiyao Tai** reported a revenue of approximately 441.89 million yuan, a year-on-year increase of 9.84%, and received EMA approval for Usymro® [30]. Market Review - The Shanghai Composite Index rose by 2.85%, while the pharmaceutical and biological sector increased by 1.85% during the week of August 15-21, 2025 [5][59]. - The industry’s price-to-earnings ratio (TTM) was reported at 31.23 times, with a valuation premium of 154% compared to the CSI 300 index [5][63]. Weekly Strategy - The report suggests focusing on companies with performance exceeding expectations during the earnings disclosure period and highlights the potential benefits from policy support for innovative drugs and medical devices [6][70].

Market Overview - Major indices experienced gains in the past five trading days, with the Shanghai Composite Index rising by 2.85% and the ChiNext Index increasing by 5.09% [3] - The average daily trading volume reached 2.49 trillion yuan, an increase of 516.14 billion yuan compared to the previous five trading days [3] - All major sectors saw positive performance, particularly the comprehensive, communication, and computer industries, while banking, construction decoration, and coal industries lagged behind [3] Investment Data - From January to July, fixed asset investment grew by 1.6% year-on-year, a marginal decline of 1.2 percentage points [4] - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) increased by 3.2%, down 1.4 percentage points from June [4] - Manufacturing investment rose by 6.2%, a decrease of 1.3 percentage points from June, while real estate investment fell by 12.0%, down 0.8 percentage points from June [4] Consumption Data - Social retail sales increased by 4.8% year-on-year from January to July, with a notable drop of 0.2 percentage points from June [4] - In July, the monthly retail sales growth was 3.7%, significantly impacted by demand front-loading due to the trade-in policy and continuity issues in July [4] Policy Insights - On August 18, Premier Li Qiang emphasized the need to consolidate and expand the economic recovery during the State Council's ninth plenary meeting, focusing on strengthening domestic circulation [4] - The meeting highlighted the removal of restrictive measures in the consumption sector and the importance of major projects in driving investment [4] - Measures to stabilize the real estate market were also discussed, with attention on urban renewal and supporting improvement demands [4] Strategy Recommendations - The upcoming mid-year report period may introduce volatility in market performance, but ongoing "anti-involution" reforms have mitigated fundamental risks [5] - The primary market concern remains the continuation of incremental liquidity, which has fostered a positive feedback loop in market performance and valuation [5] - Investment opportunities are identified in sectors such as TMT, pharmaceuticals, and defense, driven by AI trends and military trade catalysts [5] - Non-bank financial sectors are expected to benefit from the stabilizing capital market, while resource sectors may see opportunities due to capacity management initiatives [5]

Group 1 - The report indicates that the A-share market has shown a positive trend, with major indices rising significantly over the past five trading days, including a 2.85% increase in the Shanghai Composite Index and a 5.09% increase in the ChiNext Index [4][7]. - The report highlights a notable increase in trading volume, with a total of 12.43 trillion yuan traded during the period, averaging 2.49 trillion yuan per day, which is an increase of 516.14 billion yuan compared to the previous five trading days [4][12]. - Various sectors have experienced gains, particularly in the comprehensive, communication, and computer industries, while the banking, construction, and coal sectors lagged behind [4][28]. Group 2 - Economic data shows fluctuations, with fixed asset investment growing by 1.6% year-on-year from January to July, reflecting a marginal decline of 1.2 percentage points. Infrastructure investment grew by 3.2%, manufacturing investment by 6.2%, and real estate investment decreased by 12.0% [4][36]. - The report notes that consumer retail sales increased by 4.8% year-on-year from January to July, but there was a significant drop in July, primarily due to demand front-loading from the old-for-new policy and continuity issues [4][36]. - The report emphasizes the need for policies to support consumption and investment, particularly in the real estate sector, to stabilize the economy and foster growth [4][45]. Group 3 - The report suggests that the market may maintain a moderate upward trend in the medium term, driven by the continuation of incremental liquidity and the formation of a positive feedback loop in market profitability [4][49]. - Investment opportunities are identified in sectors such as TMT, pharmaceuticals, and defense, driven by catalysts like AI trends and military trade [5][49]. - The report also highlights potential investment opportunities in non-bank financial sectors and certain resource products due to capacity management initiatives [5][49].