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 ...

证券研究报告 2025 年 8 月 26 日 星期二 【A 股市场大势研判】 沪指逼近 3900 点，市场成交额创历史次高 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3883.56 | 1.51% | 57.80 | | | 深证成指 | 12441.07 | 2.26% | 275.01 | | | 沪深 300 | 4469.22 | 2.08% | 91.22 | | | 创业板 | 2762.99 | 3.00% | 80.44 | | | 科创 50 | 1287.73 | 3.20% | 39.87 | | | 北证 50 | 1604.01 | 0.23% | 3.74 | | | 申万行业表现前五 | | | 申万行业表现后五 | 概念板块表现前五 ◼ | | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 通信 | 4.85% | 美容护理 | 0.01% | 稀土永磁 | 4.88% ...

增持（维持） 精益化运营提振并购景区业绩 祥源文旅（600576）2025 年半年报点评 事件：祥源文旅发布2025年半年度报告。 消费者服务行业 点评： ◼ 风险提示：行业竞争加剧、自然灾害影响客流、投资并购项目业绩增速 2025 年 8 月 26 日 投资要点： 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com .cn | 主要数据 | | | --- | --- | | 2025 年 8 月 25 日 | | | 收盘价(元) | 7.93 | | 总市值（亿元） | 83.63 | | 总股本(亿股) | 10.55 | | 流通股本(亿股) | 6.60 | | ROE（TTM） | 6.15% | | 12 月最高价(元) | 10.75 | | 12 月最低价(元) | 4.12 | 股价走势 资料来源：东莞证券研究所，Wind 相关报告 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。 公 ...

房地产行业 | 策 | 投 | | | | | | --- | --- | --- | --- | --- | --- | | 略 | 资 | | | | | | 报 | 策 | | | | | | 告 | 略 | | | | | | 房地产行业 | | | | | | | 房地产（标配，维持） | 中央城市工作会议召开，行业或迎来发展新格局 | 行 | 行 | | | | 业 | 业 | | | | | | 房地产行业专题报告 | 研 | 研 | | | | | 究 | | | | | | | 2025 | 年 | 08 | 月 | 25 | 日 | | 究 | | | | | | | 投资要点： | | | | | | | 时隔十年再次召开会议 | 意义及影响深远。2025年中央城市工作会议 | 推荐 |  | 指明方向后，未来房地产行业发展将"以推进城市更新为重要抓手"， | | | 分析师：何敏仪 | 以"加快构建房地产发展新模式"作为核心任务。后续城市更新、 | SAC | 执业证书编号： | | | | 老旧小区改造等将加速推进，同时房地产企业改变发展模式，行业 | S0340513040001 ...

房地产行业 | 策 | 投 | | | | | | --- | --- | --- | --- | --- | --- | | 略 | 资 | | | | | | 报 | 策 | | | | | | 告 | 略 | | | | | | 房地产行业 | | | | | | | 房地产（标配，维持） | 中央城市工作会议召开，行业或迎来发展新格局 | 行 | 行 | | | | 业 | 业 | | | | | | 房地产行业专题报告 | 研 | 研 | | | | | 究 | | | | | | | 2025 | 年 | 08 | 月 | 25 | 日 | | 究 | | | | | | | 投资要点： | | | | | | | 时隔十年再次召开会议 | 意义及影响深远。2025年中央城市工作会议 | 推荐 |  | 指明方向后，未来房地产行业发展将"以推进城市更新为重要抓手"， | | | 分析师：何敏仪 | 以"加快构建房地产发展新模式"作为核心任务。后续城市更新、 | SAC | 执业证书编号： | | | | 老旧小区改造等将加速推进，同时房地产企业改变发展模式，行业 | S0340513040001 ...

Investment Rating - The report maintains a "Buy" rating for Huayang Group (002906) [2][4] Core Views - In the first half of 2025, the company achieved revenue of 5.311 billion yuan, a year-on-year increase of 26.65%, and a net profit attributable to shareholders of 341 million yuan, up 18.98% year-on-year [4] - The automotive electronics and precision die-casting segments are driving growth, with automotive electronics revenue reaching 3.788 billion yuan, a 23.37% increase, and precision die-casting revenue at 1.292 billion yuan, a 41.32% increase [4] - The company continues to expand its customer base both domestically and internationally, securing new projects with major global brands such as Stellantis, Ford, and BYD [4] Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 2.822 billion yuan, a 28.10% increase year-on-year, and a net profit of 186 million yuan, up 28.52% year-on-year [4] - The company’s R&D investment in the first half of 2025 was 440 million yuan, a 17.92% increase [4] Market Position - The company holds the top market share in HUD products and in-car wireless charging products in China, with its global market share for the latter rising to second place [4] Growth Strategy - The company is actively expanding production capacity and global presence, with new facilities in Huizhou and Shanghai for automotive electronics and ongoing projects in Jiangsu and Changxing for precision die-casting [4] - The company has established subsidiaries in Thailand and Mexico to further its overseas business development [4] Profit Forecast - The projected net profits for 2025, 2026, and 2027 are 863 million yuan, 1.155 billion yuan, and 1.456 billion yuan, respectively, with corresponding PE ratios of 18.18, 13.58, and 10.78 [5]