2025 年 9 月 5 日 分析师：陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 周 报 分析师：罗炜斌 S0340521020001 电话：0769-22110619 邮箱：luoweibin@dgzq.com.cn S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn SAC 执业证书编号： 通信行业指数近两周涨跌幅：申万通信板块近2周（8/22-9/4）累计上 涨7.58%，跑赢沪深300指数5.78个百分点，涨幅在31个申万一级行业中 位列第2位；申万通信板块9月累计下跌7.75%，跑输沪深300指数4.83个 百分点；申万通信板块今年累计上涨50.22%，跑赢沪深300指数39.29个 百分点。 SAC 执业证书编号： 分析师：陈湛谦 SAC 执业证书编号： 通信行业二级子板块近两周涨跌幅：除电信运营商板块尚未纳入统计 外，申万通信板块的6个三级子板块近2周（8/22-9/4）各有涨跌，涨幅 从高到低依次为：SW通信网络设备及器件（+17.38%） ...

Investment Ratings - Securities: Market Perform (Maintain) [1] - Insurance: Overweight (Maintain) [2] Core Insights - The securities industry showed robust performance in the first half of the year, with 42 listed brokerages achieving total revenue of CNY 251.87 billion, a year-on-year increase of 11.37%, and net profit of CNY 104.02 billion, up 65.09% [3][47] - The banking sector demonstrated marginal improvement, with 42 listed banks reporting revenue of CNY 2.92 trillion, a year-on-year growth of 1.04%, and net profit of CNY 1.10 trillion, an increase of 0.80% [6][45] - The insurance sector's five listed companies achieved revenue of CNY 1.33 trillion, a 4.7% increase, and net profit of CNY 178.19 billion, up 3.7% [49] Summary by Sections Market Review - As of September 4, 2025, the banking, securities, and insurance indices experienced declines of -1.93%, -3.56%, and -3.89% respectively, while the CSI 300 index rose by 1.80% [6][14] Valuation Situation - The banking sector's price-to-book (PB) ratio stood at 0.76, with state-owned banks at 0.81, joint-stock banks at 0.64, city commercial banks at 0.72, and rural commercial banks at 0.63 [23] - The securities sector's PB ratio was 1.56, indicating potential for valuation recovery [25] Recent Market Indicators - The average daily trading volume in A-shares was CNY 2.64 trillion, a decrease of 10.79% week-on-week, reflecting a cooling investor sentiment [33] - The one-year medium-term lending facility (MLF) rate was 2.0%, with the one-year and five-year Loan Prime Rates (LPR) at 3.0% and 3.5% respectively [32] Industry News - The insurance sector is encouraged to return to its core protection role, with policies supporting increased equity investment, which is expected to enhance long-term growth [49] - The banking sector is seeing a shift in capital towards high-dividend, low-valuation stocks, driven by a low-interest-rate environment and asset scarcity [45]

行 业 锂电池产业链 超配（维持） 锂电池产业链双周报(2025/08/22-2025/09/04) 9 月锂电池预排产同环比增长 2025 年 9 月 5 日 投资要点： 分析师：黄秀瑜 SAC 执业证书编号： S0340512090001 行情回顾：截至2025年9月4日，锂电池指数近两周上涨11.57%，跑赢沪 深300指数9.78个百分点；锂电池指数本月至今累计上涨18.79%，跑赢沪 深300指数11.68个百分点；锂电池指数年初至今上涨24.27%，跑赢沪深 300指数13.34个百分点。 周 报 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 锂电池产业链近两周价格变动： 锂电池指数走势 锂盐：截至2025年9月4日，电池级碳酸锂均价7.47万元/吨，近两周下跌 10.32%；氢氧化锂(LiOH 56.5%)报价7.19万元/吨，近两周下跌0.55%。 正极材料：磷酸铁锂报价3.43万元/吨，近两周价格持稳；NCM523、NCM622、 NCM811分别报价11.65万元/吨、12.10万元/吨、14.55万元/吨，近两周 分别下跌2.51%、2.81%、2.02%。负 ...

电子行业 2025 年 9 月 5 日 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 超配（维持） 电子行业双周报（2025/08/22-2025/09/04） 行 业 H1 各细分业绩快增，AI 相关表现亮眼 投资要点： 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 资料来源：iFind，东莞证券研究所 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： 行情回顾及估值：申万电子板块近2周（08/22-09/04）累计上涨1.88%， 跑赢沪深300指数0.08个百分点，在申万行业中排名第5名；板块9月累 计下跌8.55%，跑输沪深300指数5.62个百分点，在申万行业中排名第29 名；板块今年累计上涨26.52%，跑赢沪深300指数15.58个百分点，在申 万行业中排名第4名。估值方面，截至9月4日，SW电子板块PE TTM（ ...

2025 年 9 月 5 日 分析师：陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 周 报 分析师：罗炜斌 S0340521020001 电话：0769-22110619 邮箱：luoweibin@dgzq.com.cn S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn 资料来源：东莞证券研究所，iFind 相关报告 通信行业 超配（维持） 通信行业双周报（2025/8/22-2025/9/4） 行 业 前 7 个月电信业务收入超万亿元 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： 通信行业指数近两周涨跌幅：申万通信板块近2周（8/22-9/4）累计上 涨7.58%，跑赢沪深300指数5.78个百分点，涨幅在31个申万一级行业中 位列第2位；申万通信板块9月累计下跌7.75%，跑输沪深300指数4.83个 百分点；申万 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [46]. Core Insights - The automotive sector experienced a slight decline in profits in Q2 2025, attributed to intense market competition and price wars. However, with the gradual implementation of "anti-involution" strategies and continuous optimization of product structures, industry profits are expected to improve. The recent launch of new models is anticipated to catalyze growth [3][42][43]. Summary by Sections Automotive Industry Trends and Valuation Review - As of September 4, 2025, the Shenwan Automotive Index has decreased by 1.95% over the past two weeks, underperforming the CSI 300 Index by 3.74 percentage points. Year-to-date, the index has increased by 17.72%, outperforming the CSI 300 Index by 6.79 percentage points [10][15]. Industry Data Tracking - Raw material prices as of September 4, 2025, show steel prices stable, aluminum down by 0.05%, copper up by 0.36%, lithium carbonate down by 4.28%, synthetic rubber up by 0.16%, and glass up by 0.12% [19][20]. Industry News - Key developments include: 1. Chongqing City allocated an additional 135 million yuan for vehicle and electric bicycle trade-in subsidies [25]. 2. In July, China's automobile exports reached 11.84 billion USD, with a year-on-year increase of 25.6% [26]. 3. The China Passenger Car Association estimates that wholesale sales of new energy passenger vehicles in August reached 1.3 million units, a 24% year-on-year increase [27]. 4. Jinan initiated a new round of automotive consumption subsidies totaling 12 million yuan [28]. Corporate News - Significant corporate updates include: 1. Leap Motor completed a 2.6 billion yuan domestic stock issuance [34]. 2. Changan Automobile reported an August sales increase of 25% year-on-year [35]. 3. NIO's Q2 2025 revenue was 19.01 billion yuan, with a quarter-on-quarter growth of 57.9% [37]. Investment Recommendations - As of September 4, 2025, the automotive sector's total revenue for the first half of 2025 was 1.955 trillion yuan, a year-on-year increase of 7.33%, with a net profit of 82.205 billion yuan, up 0.62% [42][43]. - The report suggests focusing on companies enhancing brand competitiveness through smart technology, such as BYD and Seres, and those benefiting from increased penetration of smart driving configurations, like Fuyao Glass and Joyson Electronics [44].

消费者服务行业 超配（上调） 消费者服务行业双周报（2025/8/22-2025/9/4） 暑运全社会跨区域人员流动量同比增长 7% 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 研 究 2025 年 9 月 5 日 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com.cn 消费者服务（中信）指数走势 资料来源：iFind，东莞证券研究所 相关报告 证 券 研 究 报 告 行 业 周 报 ◼ 行情回顾：2025年8月22日-2025年9月4日，中信消费者服务行业指数整 体上涨0.89%，跑输同期沪深300指数约0.91个百分点。指数上涨主要受 暑期旺季出游数据和市场风险偏好回温带动。细分板块中旅游及酒店餐 饮板块补涨，前期涨幅相对较高的教育板块回调。行业取得正收益的上 市公司有34家，涨幅前五分别是长白山、岭南控股、大连圣亚、凯撒旅 业、科德教育。取得负收益的有19家，其中跌幅前五的 ...

行 业 锂电池产业链 超配（维持） 锂电池产业链双周报(2025/08/22-2025/09/04) 9 月锂电池预排产同环比增长 2025 年 9 月 5 日 投资要点： 分析师：黄秀瑜 SAC 执业证书编号： S0340512090001 行情回顾：截至2025年9月4日，锂电池指数近两周上涨11.57%，跑赢沪 深300指数9.78个百分点；锂电池指数本月至今累计上涨18.79%，跑赢沪 深300指数11.68个百分点；锂电池指数年初至今上涨24.27%，跑赢沪深 300指数13.34个百分点。 周 报 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 锂电池产业链近两周价格变动： 锂电池指数走势 锂盐：截至2025年9月4日，电池级碳酸锂均价7.47万元/吨，近两周下跌 10.32%；氢氧化锂(LiOH 56.5%)报价7.19万元/吨，近两周下跌0.55%。 正极材料：磷酸铁锂报价3.43万元/吨，近两周价格持稳；NCM523、NCM622、 NCM811分别报价11.65万元/吨、12.10万元/吨、14.55万元/吨，近两周 分别下跌2.51%、2.81%、2.02%。负 ...

Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [4][27]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the Shanghai and Shenzhen 300 index, with a decline of 1.27% from August 22, 2025, to September 4, 2025, lagging behind the index by approximately 3.07 percentage points [1][11]. - Most sub-sectors within the industry recorded negative returns during the same period, with the medical research outsourcing and chemical preparation sectors showing the highest gains of 12.17% and 5.45%, respectively, while the in vitro diagnostics and raw materials sectors experienced declines of 5.96% and 4.95% [2][14]. - Approximately 22% of stocks in the industry recorded positive returns, while about 78% experienced negative returns during the reporting period [15]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the Shanghai and Shenzhen 300 index, with a decline of 1.27% from August 22, 2025, to September 4, 2025 [11]. - Most sub-sectors recorded negative returns, with medical research outsourcing and chemical preparations leading gains [14]. - The industry saw about 22% of stocks with positive returns, indicating a challenging market environment [15]. - The overall industry valuation remained stable, with a PE ratio of approximately 55.41 times as of September 4, 2025, relative to the Shanghai and Shenzhen 300 index [18]. 2. Industry News - The National Healthcare Security Administration announced the results of the 2025 national basic medical insurance drug directory adjustments, receiving 718 submissions, with 535 passing the initial review [21][25]. - The report highlights the upcoming negotiations for the national medical insurance, which may impact the industry significantly [25]. 3. Important Company Announcements - Guangzhou Baiyunshan Pharmaceutical Group announced that its subsidiary received approval for a drug to pass the consistency evaluation for generic drugs [26]. 4. Industry Outlook - The report suggests focusing on investment opportunities in innovative drugs and related sectors, particularly those with expected business development catalysts [27][30]. - Specific companies to watch include Mindray Medical, Yifeng Pharmacy, and Aier Eye Hospital, among others, which are positioned for potential growth [30].

半导体行业 2025 年 9 月 5 日 资料来源：东莞证券研究所，iFind 超配（维持） 半导体行业双周报（2025/08/22-2025/09/04） 行 业 半导体行业 Q2 业绩实现同比大幅增长 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 周 报 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn | | | 半导体行业指数近两周涨跌幅：截至2025年9月4日，半导体行业指数近两 周（2025/08/22-2025/09/04）累计上涨2.74%，跑赢沪深300指数0.94个百 分点；2025年以来申万半导体行业指数累计上涨15.12%，跑赢沪深300指数 8.02个百分点。 SAC 执业证书编号： 半导体行业（申万）指数走势 行业新闻与公司动态：（1）国务院 ...