Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating a positive outlook despite profit growth pressures [2][26]. Core Insights - The automotive sector experienced revenue growth in the first half of 2025, with total revenue reaching 19,550.78 billion yuan, a year-on-year increase of 7.33%. However, net profit only slightly increased by 0.62% to 822.05 billion yuan, highlighting significant profit pressure due to intense market competition and price wars [2][26]. - In Q2 2025, the automotive sector generated revenue of 10,456.62 billion yuan, reflecting a year-on-year growth of 8.62% and a quarter-on-quarter increase of 14.98%. However, net profit for the same quarter decreased by 7.07% year-on-year to 419.32 billion yuan, despite a quarter-on-quarter increase of 4.12% [2][26]. Summary by Sections 1. Overall Industry Performance - The automotive industry reported a revenue increase in H1 2025, with a total revenue of 19,550.78 billion yuan, up 7.33% year-on-year. Net profit was 822.05 billion yuan, a slight increase of 0.62% [2][10][26]. - In Q2 2025, revenue reached 10,456.62 billion yuan, marking an 8.62% year-on-year growth and a 14.98% quarter-on-quarter growth. However, net profit fell by 7.07% year-on-year to 419.32 billion yuan [2][10][26]. 2. Subsector Performance 2.1 Passenger Vehicle Sector - The passenger vehicle sector achieved revenue of 9,510.93 billion yuan in H1 2025, a 9.37% year-on-year increase, but net profit decreased by 7.88% to 281.76 billion yuan [2][29]. - In Q2 2025, revenue was 5,226.19 billion yuan, up 10.81% year-on-year, while net profit fell by 25.40% to 138.61 billion yuan [2][29]. 2.2 Automotive Parts Sector - The automotive parts sector reported revenue of 7,237.18 billion yuan in H1 2025, a 7.38% year-on-year increase, with net profit rising by 4.79% to 439.77 billion yuan [2][46]. - In Q2 2025, revenue was 3,743.93 billion yuan, reflecting a 7.77% year-on-year growth, while net profit increased by 5.92% to 226.77 billion yuan [2][46]. 2.3 Commercial Vehicle Sector - The commercial vehicle sector generated revenue of 1,725.88 billion yuan in H1 2025, a slight increase of 0.18%, but net profit decreased by 17.06% to 40.68 billion yuan [2][62]. - In Q2 2025, revenue was 901.59 billion yuan, up 2.94% year-on-year, while net profit fell by 21.43% to 20.58 billion yuan [2][62]. 3. Investment Recommendations - The report suggests focusing on companies that can enhance profits through product premiumization, such as Seres (601127) and quality parts suppliers like Fuyao Glass (600660) and Joyson Electronics (600699) [2][26].

Market Overview - The A-share market showed a mixed performance with the North Exchange 50 reaching a historical high, while the ChiNext index declined [1][3] - The Shanghai Composite Index closed at 3826.84, up 0.38%, and the Shenzhen Component Index closed at 12666.84, up 0.61% [1][3] - The total trading volume in the Shanghai and Shenzhen markets was 2.42 trillion yuan, an increase of 114.1 billion yuan compared to the previous trading day [5] Sector Performance - The top-performing sectors included Basic Chemicals (up 2.85%), Agriculture, Forestry, Animal Husbandry and Fishery (up 2.67%), and Machinery Equipment (up 2.40%) [2][3] - The sectors with the poorest performance were Communication (down 3.47%), Comprehensive (down 1.52%), and Non-Bank Financials (down 0.64%) [2][3] - Concept indices that performed well included PEEK Materials (up 5.61%) and Pork (up 3.47%), while F5G Concept and Duty-Free Shops saw declines [2][3] Future Outlook - The market is expected to maintain an upward trend in the medium term, driven by industrial policy support and ample liquidity [5] - The report suggests focusing on sectors such as New Energy, TMT (Technology, Media, and Telecommunications), Innovative Pharmaceuticals, and Machinery Equipment for potential investment opportunities [5] - The resilience of China's foreign trade is highlighted, with a total import and export value of 29.57 trillion yuan in the first eight months, a year-on-year increase of 3.5% [4]

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment and renewable energy industry [2] Core Insights - The overall performance of the electric power equipment industry improved year-on-year in the first half of 2025, with revenue reaching 1.66 trillion yuan, a 4.7% increase, and net profit attributable to shareholders at 699.90 billion yuan, up 5.5% [4][14] - Capital expenditure in the industry decreased by 17.5% year-on-year, marking the lowest level in the past four years [4][14] - The report highlights significant growth in the wind power, battery, and grid equipment sectors, particularly in Q2 2025, where revenue increased by 6.0% year-on-year [4][20] Summary by Sections 1. Industry Performance Analysis - In H1 2025, the electric power equipment industry achieved operating revenue of 1.66 trillion yuan, a 4.7% increase year-on-year, and a net profit of 699.90 billion yuan, up 5.5% [4][14] - The industry’s expense ratio was 10.6%, down 0.9 percentage points, while the gross profit margin was 16.4%, down 1.2 percentage points [4][14] - Capital expenditure for H1 2025 was 1443.3 billion yuan, a decrease of 17.5% [4][14] 2. Subsector Performance 2.1 Photovoltaic Equipment - The photovoltaic equipment sector reported revenue of 0.41 trillion yuan in H1 2025, a decline of 12.9%, with a net loss of 79.4 billion yuan [29][30] - The sector's capital expenditure fell by 49.5% year-on-year [30] 2.2 Wind Power Equipment - The wind power equipment sector achieved revenue of 1047.4 billion yuan in H1 2025, a 45.6% increase, with net profit of 42.3 billion yuan, up 15.5% [47] - Capital expenditure in this sector decreased by 82.6% [48] 2.3 Grid Equipment - The grid equipment sector maintained steady growth, benefiting from national energy structure transformation and increased investment in grid projects [4] 2.4 Battery Sector - The battery sector showed strong performance, with significant growth in installed capacity and revenue [4] 2.5 Electric Motor Sector - The electric motor sector also reported year-on-year growth in performance [4] 2.6 Other Power Equipment - Other power equipment sectors maintained growth, contributing positively to the overall industry performance [4]

Investment Rating - The report suggests a focus on industries with leading performance in Q2, particularly light manufacturing, machinery, and automotive sectors, while also highlighting opportunities in semiconductor, military, AI, and satellite internet sectors [38] Core Insights - In the first half of 2025, the total revenue of 274 listed companies on the North Exchange reached 92.064 billion, a year-on-year increase of 6.03%, while net profit attributable to shareholders decreased by 10.59% to 5.909 billion [12][13] - Despite an overall decline in profits, 168 companies achieved revenue growth, with 53 companies growing over 20% and 16 over 50%, indicating a strong differentiation and structural growth momentum [12][13] - The report emphasizes the high profitability of certain sectors, with 50% of companies in the telecommunications sector showing net profit growth exceeding 20% in Q2 2025 [25] - The light manufacturing sector also demonstrated robust growth, with 44.44% of companies achieving net profit growth over 20% [28] - The machinery sector showed a similar trend, with 35.59% of companies reporting net profit growth exceeding 20% [33] Summary by Sections Overall Performance of North Exchange A Shares - In the first half of 2025, total revenue reached 92.064 billion, with a median revenue growth rate of 5.51% and a median net profit growth rate of -0.12% [12] - The number of companies with revenue exceeding 500 million increased to 36, while those with net profit over 50 million decreased slightly [13] Industry Performance Telecommunications Sector - In Q2 2025, 50% of companies in the telecommunications sector had net profit growth exceeding 20%, with notable performers including Li Erda and Fujida [25][27] Light Manufacturing Sector - The light manufacturing sector saw 44.44% of companies achieving net profit growth over 20%, with significant growth from Hongyu Packaging and Longzhu Technology [28][29] Machinery Sector - The machinery sector had 35.59% of companies reporting net profit growth over 20%, with standout performances from Zhuozhao Point Glue and Xingchen Technology [33][34] Investment Strategy - The report recommends focusing on high-growth sectors such as light manufacturing, machinery, and automotive, while also considering companies in semiconductor and AI sectors that are positioned for domestic replacement and technological breakthroughs [38]

Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting it to outperform the market index by over 10% in the next six months [1][87]. Core Insights - The computer industry has shown strong performance in the first half of 2025, with revenue and profit both achieving double-digit growth. The overall revenue for H1 2025 reached 604.415 billion yuan, a year-on-year increase of 12.14%. The net profit attributable to shareholders was 13.496 billion yuan, reflecting a significant year-on-year growth of 38.37% [3][26][81]. - The industry is benefiting from the rapid development of artificial intelligence (AI) and related technologies, with strong demand in sectors such as computing infrastructure, intelligent driving, and cybersecurity [3][80]. Summary by Sections 1. Market and Institutional Holdings Review - The SW computer industry index has increased by 30.59% year-to-date as of August 31, 2025, outperforming the CSI 300 index by 16.31 percentage points, ranking fifth among 31 industries [3][10]. - As of September 5, 2025, the SW computer sector's PE TTM (excluding negative values) stands at 55.75 times, indicating a high valuation level [11][15]. - Institutional holdings in the computer industry were 1.60% in Q1 2025 and slightly decreased to 1.51% in Q2 2025, remaining below the benchmark allocation [12][15]. 2. Industry Performance in H1 2025 - The computer industry reported a total revenue of 604.415 billion yuan in H1 2025, with a net profit of 13.496 billion yuan, marking a recovery in profitability [26][35]. - The industry’s gross margin was 23.19%, a decrease of 2.58 percentage points year-on-year, while the net margin improved by 0.42 percentage points to 2.23% [26][40]. 3. Subsector Performance - The computing infrastructure sector saw a remarkable revenue growth of 50.06% in H1 2025, driven by strong demand for AI-related products [53]. - In Q2 2025, the intelligent driving sector achieved a net profit growth of 146.72%, while the cloud SaaS sector also showed significant improvement in profitability [69][80]. - The subsectors of AI and cloud SaaS demonstrated comprehensive improvements in operational performance and profitability in Q2 2025 [80]. 4. Investment Recommendations - The report suggests focusing on areas with expected demand expansion and government policy support, particularly in AI computing, AI applications, and trusted innovation sectors [81].

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, indicating a positive outlook for the sector [1]. Core Insights - The lithium battery supply chain has shown significant improvement in net profit for two consecutive quarters, establishing a performance turning point. The demand for power batteries is expected to rise further due to the traditional peak season for new energy vehicles [5][58]. - The solid-state battery industrialization is progressing, leading to certain incremental demand for materials and equipment in the supply chain [5][58]. - The report suggests focusing on leading companies in the supply chain that have technological and cost advantages, particularly in solid-state electrolytes and new types of anodes and cathodes [5]. Summary by Sections 1. H1 2025: Significant Improvement in Supply Chain Performance - The lithium battery supply chain achieved a revenue of CNY 503.23 billion, a year-on-year increase of 11.78%, and a net profit of CNY 40.10 billion, up 29.08% year-on-year [14][24]. - All segments except for separators reported year-on-year net profit growth, with the highest growth in the positive electrode segment at 164.02% [24][26]. - The overall gross margin for the supply chain was 18.66%, a slight decrease of 0.95 percentage points year-on-year [28][35]. 2. Q2 2025: Continued Growth in Net Profit - The supply chain recorded a revenue of CNY 267.86 billion in Q2 2025, representing a year-on-year increase of 11.05% and a quarter-on-quarter increase of 13.81% [58]. - Net profit for Q2 reached CNY 21.77 billion, up 30.49% year-on-year and 18.68% quarter-on-quarter [58]. - Most segments showed significant improvement in net profit, with the exception of the separator segment, which experienced substantial losses [63]. 3. Investment Recommendations - The report recommends paying attention to leading companies in the supply chain that are improving their fundamentals, particularly those with advantages in solid-state electrolyte technology and core processing equipment for solid-state batteries [5][58]. - The report highlights the importance of monitoring the ongoing industrialization of solid-state batteries and the potential for increased demand in the materials and equipment sectors [5][58].

卢芷心 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn 评 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 陈伟光 S0340520060001 电话：0769-22119430 邮箱： | 主要数据 | 2025 | 年 9 | 月 | 8 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价(元) | | | 252.90 | | | | 总市值（亿元） | | | 286.38 | | | | 总股本(亿股) | | | 1.13 | | | | 流通股本(亿股) | | | 0.73 | | | | ROE（TTM） | | | 13.46% | | | | 12 月最高价(元) | | | 458.00 | | | | 12 月最低价(元) | | | 198.33 | | | 资料来源：东莞证券研究所，iFinD 买入（维持） 达梦数据（688692）2025 年半年报业绩点评 公 司 点 公司业绩显著增长，有望 ...

Investment Rating - The report maintains an "Overweight" rating for the consumer services industry, indicating an expectation that the industry index will outperform the market index by over 10% in the next six months [1]. Core Insights - The consumer services industry achieved total revenue of 119.51 billion yuan in the first half of 2025, representing a year-on-year growth of 1.43%. However, the net profit attributable to shareholders decreased by 11.5% to 6.482 billion yuan. The overall demand remained stable due to strong policy support for consumption since the second half of 2024, although the net profit decline has narrowed [3][13][14]. - The performance of sub-sectors varied, with the duty-free segment being a major drag on growth. The rise of new-generation consumers has shifted focus towards value-for-money and experience, leading to a search for differentiated strategies in the duty-free market. In contrast, the human resources service sector saw a nearly 50% increase in net profit, benefiting from new social security regulations and stable growth post-pandemic [3][14]. Summary by Sections Overall Industry Performance - The consumer services industry reported total revenue of 1195.10 billion yuan in H1 2025, with a year-on-year increase of 1.43%. The net profit attributable to shareholders was 64.82 billion yuan, down 11.5% year-on-year. The demand remained stable due to policy support, although the net profit decline has narrowed [3][13][14]. Key Sub-Sector Performance Scenic Areas - The scenic area sector achieved total revenue of 10.79 billion yuan in H1 2025, with a year-on-year growth of 3.89%. The net profit was 1.121 billion yuan, up 2.35% year-on-year. The sector experienced slight growth despite adverse weather conditions [21][24]. Education - The education sector generated total revenue of 16.753 billion yuan in H1 2025, reflecting a year-on-year increase of 4.67%. However, net profit decreased by 4.70% to 880 million yuan. The sector showed a mixed performance, with some companies like Xueda Education and Dou Shen Education achieving significant growth [30][36]. Hotels - The hotel sector reported total revenue of 11.618 billion yuan in H1 2025, down 4.59% year-on-year, with net profit decreasing by 40.69% to 691 million yuan. The decline was attributed to increased competition and a high base effect from non-recurring gains in the previous year [38][40]. Catering - The catering sector achieved total revenue of 2.438 billion yuan in H1 2025, a 2.69% increase year-on-year, while net profit fell by 23.27% to 17 million yuan. The sector faced intensified competition, leading to a narrowing of profit declines [45][48]. Tourism Retail - The tourism retail sector's revenue was 28.151 billion yuan in H1 2025, down 9.96% year-on-year, with net profit declining by 20.81% to 2.6 billion yuan. The decline was primarily due to reduced sales in offshore duty-free shopping [53][57]. Human Resources Services - The human resources service sector reported total revenue of 42.010 billion yuan in H1 2025, a 10.70% increase year-on-year, with net profit rising by 49.76% to 1.324 billion yuan. The growth was driven by increased demand for flexible employment and successful restructuring efforts [59][66]. Investment Strategy - The report suggests focusing on stable growth areas within the industry, such as natural scenic areas like Xiangyuan Cultural Tourism (600576), Santai Cableway (002159), and Changbai Mountain (603099). It also highlights human resources service companies like Beijing Renli (600861) and AI-driven recruitment firms like Keri International (300662) as potential investment opportunities [67][68].

Investment Rating - The report maintains a "Market Weight" rating for the real estate industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [37]. Core Insights - The report highlights that listed real estate companies experienced a significant increase in losses in the first half of 2025, with total operating revenue declining by 15.15% year-on-year to 716.93 billion yuan, while net profit losses expanded by 266.25% to -31.68 billion yuan [12][32]. - The overall profitability of the industry continues to decline, with average net asset return at -4.04%, ranking last among 31 industry sectors, and total asset return at -0.33% [17][18]. - Financial expenses have increased, leading to a rise in overall expense ratios, with financial expenses accounting for 5.39% of total operating revenue, up 1 percentage point from the previous year [22][23]. Summary by Sections 1. Performance of Listed Real Estate Companies - In the first half of 2025, listed real estate companies reported total operating revenue of 716.93 billion yuan, a year-on-year decline of 15.15%, with operating profit turning negative at -15.74 billion yuan [12][32]. - The second quarter of 2025 saw total operating revenue of 400.26 billion yuan, down 17.36% year-on-year, with net profit losses further deepening [13][32]. 2. Overall Profitability Trends - The average gross profit margin for the industry was 14.5%, while the net profit margin was -4.4%, indicating a continued decline in profitability [18]. - The second quarter of 2025 recorded a gross profit margin of 14.63%, showing a slight improvement, but the net profit margin fell to -5.96% [18]. 3. Financial Expense Trends - Total financial expenses for the first half of 2025 were 38.65 billion yuan, reflecting a 5.67% increase year-on-year, while management expenses decreased by 14.6% [22][23]. - The overall expense ratio increased to 11.14%, primarily due to rising financial expenses [23]. 4. Inventory and Debt Levels - The total inventory of listed real estate companies decreased by 17.6% year-on-year to 4.2 trillion yuan, with inventory accounting for 45.62% of total assets [26]. - The overall debt ratio was 74.98%, slightly down from the previous year, indicating a trend of deleveraging in the industry [27]. 5. Cash Flow Improvements - The net cash flow per share improved to -0.28 yuan in the first half of 2025, compared to -0.47 yuan in the same period of 2024, indicating a slight recovery in cash flow [31]. - The cash flow from operating activities turned positive at 0.13 yuan per share, reflecting improved operational efficiency [31]. 6. Investment Recommendations - The report suggests focusing on stable state-owned enterprises and regional leaders in first and second-tier cities, which are expected to gain market share during the industry's recovery phase [34]. Recommended stocks include Poly Developments, China Merchants Shekou, and others [34].

北交所业绩综述 高景气制造引领，中报彰显结构性机会 业 绩 综 北交所 2025 中报业绩综述 2025 年 9 月 8 日 S0340522110001 电话：0769-22177163 邮箱：liziyi@dgzq.com.cn 指数走势 券 研 资料来源：东莞证券研究所，ifind 投资要点： 风险提示：流动性风险；政策出台不及预期；企业业绩不及预期。 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：李紫忆 SAC 执业证书编号： 2025年上半年，北证A股274家上市公司合计实现营业总收入920.64亿元， 同比增长6.03%，归母净利润59.09亿元，同比下降10.59%，扣非净利润 52.50亿元，同比下降8.88%。虽然整体利润端下滑，但仍有168家公司实 现营收增长，其中部分企业增速超过50%，显示出较强的分化格局和结构 性成长动能。从盈利能力看，归母净利润超过5000万元的公司有31家，较 去年同期略有减少，有部分中大市值公司面临盈利压力。二季度单季收入 489.36亿元，同比增长3 ...