专 题 研 北交所 2025 年 8 月 27 日 海洋经济迈向高质量发展 北交所专题报告 投资要点： 关注2家海洋经济产业相关企业 中裕科技：公司的主营业务是流体传输高分子材料软管、复合管道 的研发、生产和销售。公司的主要产品是耐高压大流量输送软管、 普通轻型输送软管、钢衬改性聚氨酯耐磨管、柔性增强热塑性复合 管。2025年上半年，公司耐高压大流量输送软管业务和普通轻型输 送软管业务收入占比分别为69.34%、23.45%。 利通科技：公司的主营业务是高中低压橡胶软管及软管组合件的研 发、生产和销售。公司的主要产品是钢丝缠绕橡胶软管、钢丝编织 橡胶软管、纤维增强橡胶软管、胶管总成及配套管件、混炼胶。2025 年上半年，公司三大业务胶管总成及配套管件、编织胶管、缠绕胶 管业务收入占比分别为46.35%、29.39%、15.32%。 证 券 研 究 报 告 风险提示。政策落地不及预期；需求下降的风险；市场竞争加剧的 风险。 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。 分析师：吕子炜 相关报告 SAC 执业证 ...

分析师：何敏仪 SAC 执业证书编号： S0340513040001 电话：0769-22177163 | 公 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 司 | | | | | | | | | | 研 | | | | | | | | | | 究 | | | | | | | | | | 分析师：何敏仪 | SAC | 执业证书编号： | | | | | | | | S0340513040001 | 电话：0769-22177163 | | | | | | | | | 邮箱：hmy@dgzq.com.cn | | | | | | | | | | 主要数据 | 2025 | 年 | 8 | 月 | 26 | 日 | 收盘价(元) | 10.71 | | 总市值（亿元） | 333.24 | 总股本(亿股) | 31.11 | | | | | | | 流通股本(亿股) | 26.86 | ROE（TTM） | 10.98% | | | | | | | 12 | 月最高价(元) | 12.44 | 12 | 月 ...

Investment Rating - The report maintains a "Buy" rating for Chengdu Bank [1][7]. Core Views - Chengdu Bank's performance in the first half of 2025 shows steady growth, with a significant increase in net interest income and a strong asset quality [4][7]. - The bank's total assets reached 1.37 trillion yuan, reflecting a year-on-year growth of 14.32%, with loans increasing by 18.30% [7]. - The net interest margin improved to 1.62%, while the non-performing loan ratio remained stable at 0.66% [7][10]. - The report highlights the bank's advantageous location and its ability to achieve double-digit growth in both deposits and loans [7]. Summary by Sections Financial Performance - Chengdu Bank achieved an operating income of 12.27 billion yuan in the first half of 2025, up 5.91% year-on-year, with a net profit of 6.617 billion yuan, an increase of 7.29% [4][7]. - The bank's net interest income rose by 7.59% year-on-year, with a notable increase of 11.59% in Q2 2025 [7]. Asset Quality - The non-performing loan ratio stood at 0.66%, unchanged from the previous year, with a provision coverage ratio of 452.65%, indicating strong asset quality [7][10]. Growth Prospects - The report projects that Chengdu Bank's earnings per share will reach 21.51 yuan by 2025, with the current stock price corresponding to a price-to-book ratio of 0.83 [7][9].

Investment Rating - The report maintains a "Buy" rating for Qingdao Beer (600600) [1][5] Core Views - The company reported a revenue of 20.491 billion yuan for the first half of 2025, a year-on-year increase of 2.11%, and a net profit attributable to shareholders of 3.904 billion yuan, up 7.21% year-on-year [5] - In Q2 2025, the company achieved a revenue of 10.046 billion yuan, a year-on-year growth of 1.28%, while the net profit attributable to shareholders increased by 7.32% to 2.194 billion yuan [5] - The company continues to optimize its product structure, with total product sales reaching 4.732 million kiloliters in the first half of 2025, a year-on-year increase of 2.3% [5] - The gross profit margin for Q2 2025 increased by 3.05 percentage points to 45.84%, and the net profit margin rose by 1.11 percentage points to 22.26% [5] - The report forecasts EPS of 3.52 yuan and 3.85 yuan for 2025 and 2026, respectively, with corresponding PE ratios of 20 times and 18 times [5] Summary by Sections Financial Performance - In H1 2025, Qingdao Beer achieved a total revenue of 20.491 billion yuan and a net profit of 3.904 billion yuan, reflecting growth rates of 2.11% and 7.21% respectively [5] - For Q2 2025, the revenue was 10.046 billion yuan, with a net profit of 2.194 billion yuan, marking increases of 1.28% and 7.32% year-on-year [5] Sales and Product Strategy - The company sold 4.732 million kiloliters of products in H1 2025, a 2.3% increase from the previous year, with the main brand achieving sales of 2.713 million kiloliters, up 3.9% [5] - The sales of mid-to-high-end products reached 1.992 million kiloliters, growing by 5.1% year-on-year [5] Profitability Metrics - The gross profit margin for Q2 2025 was 45.84%, an increase of 3.05 percentage points compared to the previous year [5] - The net profit margin for Q2 2025 was 22.26%, reflecting a year-on-year increase of 1.11 percentage points [5] Future Outlook - The report maintains a "Buy" rating, citing a clear strategy for product structure optimization and easing cost pressures, with expectations for steady demand recovery [5]

电子行业 | 事 件 点 评 超配 电子行业事件点评 （维持） | | --- | | "人工智能+"纲领性文件出台，关注 AI 终端及算力领域 罗炜斌（SAC 执业证书编号：S0340521020001） | | 电话：0769-22110619 邮箱：luoweibin@dgzq.com.cn | | 2025 年 8 月 27 日 | | 陈伟光（SAC 执业证书编号：S0340520060001） | | 电话：0769-22119430 邮箱：chenweiguang@dgzq.com.cn | | 行 事件： 业 | | 研 7月31日，国常会审议通过《关于深入实施"人工智能+"行动的意见》。8月26日，国务院公布《关于深 | | 究 入实施"人工智能+"行动的意见》。 | | 点评： | | "人工智能+"纲领性文件正式出台。《关于深入实施"人工智能+"行动的意见》提出到2027年实现 | | 人工智能与6大重点领域广泛深度融合，新一代智能终端、智能体等应用普及率超70%；到2030年新一 | | 代智能终端、智能体等应用普及率超90%；到2035年我国全面步入智能经济和智能社会发展新阶段等 | ...

医药生物行业 买入（维持） 持续强化医疗服务能力提升 公 爱尔眼科（300015）2025 年中报点评 2025 年 8 月 27 日 投资要点： 司 点 事件：公司发布了2025年中报。上半年，公司实现营业总收入115.07亿元， 同比增长9.12%；实现归母净利润20.51亿元，同比增长0.05%；实现扣非后归 母净利润20.4亿元同比增长14.3%。上半年业绩整体符合预期。 评 分析师：魏红梅 SAC 执业证书编号： 点评： 表 1：公司盈利预测简表（截至 2025 年 8 月 26 日） 数据来源：iFind，东莞证券研究所 请务必阅读末页声明。 2 | 证 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 券 | | | | | | | | | | | 研 | | | | | | | | | | | 主要数据 | 年 | 月 | 日 | 2025 | 8 | 26 | 究 | 收盘价(元) | 13.83 | | 报 | | | | | | | | | | | 总市值（亿元） | 1 ...

Investment Rating - The report maintains an "Overweight" rating for the storage module industry, driven by AI-induced growth and improved supply dynamics [1][3]. Core Insights - The storage industry is a crucial component of integrated circuits, accounting for approximately 30% of the market share, with a projected market size of $165.5 billion in 2024, reflecting a 79.3% year-on-year growth [14][20]. - AI is driving the upward trend in the storage industry, with new demand from AI servers and automotive storage, while traditional applications like smartphones and PCs remain significant [3][42]. - Major DRAM manufacturers are reducing production of lower-value products like DDR3 and DDR4, focusing instead on higher-value DDR5 and HBM memory, which is expected to improve the supply landscape and benefit domestic manufacturers [3][20]. Summary by Sections 1. Storage as a Key Component of Integrated Circuits - Storage is a vital part of IT infrastructure, with semiconductor storage being a foundational product in the digital economy [11][14]. - The storage industry is characterized by high technical and capital barriers, with a few global players dominating the market [27][32]. 2. AI Driving Growth in the Storage Industry - The demand for storage is expanding due to the proliferation of AI applications, which require high-performance, low-latency storage solutions [42][43]. - The global data center capital expenditure is expected to exceed $1 trillion by 2028, indicating robust growth in the storage market [44][46]. 3. Company Profiles in the Storage Module Sector - Jiangbolong (301308.SZ) is recognized as a leading domestic storage module manufacturer, achieving breakthroughs in enterprise storage [3][39]. - Baiwei Storage (688525.SH) is noted for its advancements in edge storage and active layout in advanced packaging [3][41]. - Demingli (001309.SZ) is leading in enterprise SSDs and continuously enhancing its product matrix [3][43]. - Shannon Chip (300475.SZ) is driving growth through distribution and product development, with successful brand building [3][45]. 4. Investment Recommendations - The report suggests focusing on storage module manufacturers that cater to niche markets and benefit from AI-driven demand and reduced production from major manufacturers [3][49].

Investment Rating - The report assigns a "No Rating" to the industry due to the inability to obtain necessary information or the presence of significant uncertainties [1]. Core Insights - The North Exchange 50 Index has shown strong performance, breaking through 1600 points and reaching a historical high, with a single-day increase of 6.79% on August 18, and a year-to-date increase of over 50%, significantly outperforming major indices in Shanghai and Shenzhen [2][3]. - The release of mid-year reports has validated the fundamentals, leading to a shift in market logic from short-term themes to performance realization, with investors refocusing on high-growth and fundamentally sound companies [3]. - Recent policy signals have been positive, with steady progress in market system construction, including optimization of trading mechanisms and preparation for thematic funds, which has enhanced market confidence and activity [4]. Summary by Sections Market Performance - The North Exchange 50 Index has consistently strengthened, surpassing 1600 points and achieving a historical high, with a notable increase of 6.79% in a single day [2]. Fundamental Validation - The mid-year reports have confirmed the fundamentals, prompting a shift in market focus towards performance realization and high-quality companies, leading to a rapid increase in the index [3]. Policy and Market Environment - Positive policy developments and improvements in market structure have created a more favorable trading environment, enhancing investor confidence and market activity [4]. Supply and Market Structure - The quality of potential listed companies is improving, providing a richer selection for long-term investors, while the market structure is evolving towards a "allocation market" with a developing valuation system [4]. Investment Strategy - The report suggests focusing on three types of opportunities: high-performing quality companies from mid-year reports, potential candidates for index inclusion, and leading companies in clear industrial trends [4].

公 司 点 房地产行业 销售稳居行业首位，融资成本进一步下降 2025 年 8 月 26 日 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。 ROE（TTM） 0.15% 资料来源：东莞证券研究所，Wind 持有（维持） 保利发展（600048）2025 年中报点评 分析师：何敏仪 SAC 执业证书编号： S0340513040001 保利发展（600048）发布2025年中报，上半年公司累计实现营业收入 1168.57亿元，同比减少16.08%；归母净利润27.11亿元，同比下降 63.47%。基本每股收益0.23元，同比下降63.4%。 评 电话：0769-22177163 邮箱：hmy@dgzq.com.cn 主要数据 2025 年 8 月 25 日 收盘价(元) 8.30 总市值（亿元） 993.55 总股本(百万股) 119.70 流通股本(百万股) 119.70 上半年业绩同比下降六成三，符合预期。2025年上半年，公司累计实现 营业收入1168.57亿元，同比减少16.08%；利润总额 ...

电力设备及新能源行业 2025 年 8 月 26 日 投资要点： 分析师：刘兴文 SAC 执业证书编号： S0340522050001 电话：0769-22119416 邮箱： S0340523080001 电话：0769-22110925 邮箱： suzhibin@dgzq.com.cn | 主要数据 | 2025 | 年 | 8 月 | 25 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价(元) | | | 11.62 | | | | 总市值（亿元） | | | 490.95 | | | | AH总股本(亿股) | | | 42.25 | | | | 流通股本(亿股) | | | 33.55 | | | | ROE（TTM） | | | 4.93% | | | | 12月最高价(元) | | | 11.72 | | | | 12月最低价(元) | | | 7.54 | | | 股价走势 资料来源：东莞证券研究所，Wind 买入（维持） 上半年业绩表现亮眼，风机盈利能力改善 公 司 点 评 金风科技（002202）2025 年半年报点评 事件：公司发布了2 ...