Investment Rating - The report maintains a standard rating for the non-ferrous metals industry, highlighting strong performance in precious metals and significant increases in minor metals [2][6]. Core Insights - The non-ferrous metals industry achieved a total revenue of 1,819.7 billion yuan in the first half of 2025, representing a year-on-year growth of 6.49%, with a net profit attributable to shareholders of 95.4 billion yuan, up 36.55% [6][14]. - The precious metals sector saw a remarkable revenue increase of 27.15% year-on-year, reaching 188.3 billion yuan, with net profits soaring by 64.71% to 9.7 billion yuan [6][26]. - The industrial metals sector reported a revenue of 13,585.3 billion yuan, a 3.46% increase, and a net profit of 697.4 billion yuan, up 24.42% [6][37]. - The energy metals sector experienced a revenue of 812.4 billion yuan, growing by 6.20%, with net profits skyrocketing by 1,389.33% to 53.1 billion yuan [6][37]. - The minor metals sector's revenue reached 137.7 billion yuan, a 14.24% increase, with net profits rising by 40.01% to 7.6 billion yuan [6][37]. Summary by Sections Overall Performance of Non-Ferrous Metals Industry - The non-ferrous metals industry maintained a stable operation in the first half of 2025, with 73.76% of the 141 listed companies reporting revenue growth [14][21]. - The overall gross margin for the industry was 12.04%, an increase of 0.67 percentage points year-on-year, while the net margin rose to 6.35%, up 0.98 percentage points [14][20]. Precious Metals - The precious metals sector's gross margin was 13.52%, with a net margin of 6.27%, both showing improvements compared to the previous year [26][27]. - The international gold price reached a peak of 3,500 USD/ounce in the first half of 2025, reflecting a significant increase in demand driven by geopolitical risks and inflation concerns [30][27]. Industrial Metals - The industrial metals sector's gross margin was 11.25%, with a net margin of 6.20%, indicating a healthy profitability despite market fluctuations [37][39]. - The average price of copper in the first half of 2025 was 77,562 yuan/ton, showing a year-on-year increase of 3.3% [49][50]. Energy Metals - The energy metals sector's performance was notably strong, with lithium salt prices stabilizing and a significant increase in net profits [6][37]. - The sector's gross margin was not explicitly stated, but the dramatic rise in net profits indicates robust demand and effective cost management [6][37]. Minor Metals and New Metal Materials - The minor metals sector's revenue growth was driven by strong demand in emerging technologies, with a focus on rare earth elements and tungsten [6][37]. - The new metal materials sector reported a revenue of 539.3 billion yuan, a 6.63% increase, with net profits rising by 4.70% [6][37]. Investment Recommendations - The report suggests focusing on companies such as Zijin Mining (601899) and Chifeng Jilong Gold Mining (600988) in the precious metals sector, and Tianshan Aluminum (002532) and Luoyang Molybdenum (603993) in the industrial metals sector [6][37].

标配 （维持） 出口加速助发展，科技成长迎突破 机械设备行业 2025 半年报业绩综述 投资要点： 2025 年 9 月 5 日 分析师：谢少威 SAC 执业证书编号： S0340523010003 电话：0769-23320059 邮箱： xieshaowei@dgzq.com.cn 细分行业评级 | 工程机械 | 标配 | | --- | --- | | 自动化设备 | 标配 | 机械设备（申万）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 ◼ 机械设备：盈利能力增强，现金流明显改善。2025上半年申万机械设备板块 营收、归母净利润分别同比+7.45%、+19.09%。2025Q2，营收为5447.52亿元， 同比增长5.21%，环比增长19.05%；归母净利润为422.19亿元，同比增长 15.14%，环比增长26.92%。从季度来看，营收、归母净利润保持稳定增长趋 势。盈利能力方面，2025上半年机械设备行业毛利率、净利率分别同比提升 0.06pct、0.86pct。2025Q2，毛利率为23.46%，同比提升0.43pct，环比提升 0.67pct；净利率为8.2 ...

Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry [6][29]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 1.27% from August 22 to September 4, 2025, which is approximately 3.07 percentage points lower than the index [13][29]. - 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. In contrast, the in vitro diagnostics and raw materials sectors experienced declines of 5.96% and 4.95% [16][19]. - Approximately 22% of stocks in the industry recorded positive returns, while around 78% experienced negative returns during the reporting period [17][19]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 55.41 times, with a relative PE ratio of 4.23 times compared to the CSI 300 index, indicating little change in industry valuation [20][29]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 1.27% from August 22 to September 4, 2025 [13]. - Most sub-sectors recorded negative returns, with medical research outsourcing and chemical preparations leading in gains [16]. - About 22% of stocks in the industry had positive returns, while 78% had negative returns [17]. 2. Industry News - The National Healthcare Security Administration announced the list of drugs for the 2025 National Basic Medical Insurance, with 718 submissions and 535 passing the initial review [27]. - The report highlights the upcoming national medical insurance negotiations and the analysis of 25 traditional Chinese medicine products [27]. 3. Company Announcements - Guangzhou Baiyunshan Pharmaceutical Group announced that its subsidiary received approval for a drug to pass the consistency evaluation for generic drugs [28]. 4. Industry Outlook - The report suggests focusing on investment opportunities in the innovative drug sector and related areas, including medical devices and traditional Chinese medicine [29][32].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [10]. Core Insights - The company's core businesses have shown comprehensive growth, with significant improvements in operating cash flow. In the first half of 2025, the company achieved operating revenue of 71.586 billion yuan, a year-on-year increase of 14.42%. However, the net profit attributable to shareholders decreased by 16.29% to 426 million yuan, primarily due to increased R&D investments in AI products, reduced government subsidies, and one-time negative impacts from fair value changes of certain equity assets [4][7]. - The AI-driven cloud services and software business have developed steadily, with the launch of the upgraded "Shenzhou Wenxue" platform, which facilitates AI application deployment for enterprises. This platform has already demonstrated significant efficiency improvements in various industries [7][8]. - The self-owned brand business has also expanded, with the introduction of new AI products and a focus on private deployment solutions, enhancing the company's market coverage and capabilities [7][8]. Financial Summary - For the first half of 2025, the company reported a net cash flow from operating activities of 500 million yuan, reflecting a substantial year-on-year increase of 236.81% [7]. - The company's earnings per share (EPS) are projected to be 1.62 yuan and 2.09 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 25 and 20 [8].

银行业 超配（维持） 银行业 2025 年半年报业绩综述 营收净利润增速转正，负债端成本普遍改善 2025 年 9 月 5 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。 行业指数走势 银行 资料来源：东莞证券研究所，iFind 业 绩 综 述 行 业 研 究 证 券 研 究 报 告 分析师：吴晓彤 SAC 执业证书编号： S0340524070001 电话：0769-22119302 邮箱： wuxiaotong@dgzq.com.cn ◼ 业绩修复，其他非息收入重回正增长。2025 年上半年，42 家上市银行实 现营业收入 2.92 万亿元，同比+1.04%，增速由负转正。其中，其他非息 收入同比+10.76%，第二季度债市好转，带动 2025Q2 增速环比大幅提升 27 个百分点至+23.83%。2024Q2 上市银行归母净利润增速为+2.98%，受 益于营收增长提速，归母净利润增速环比提升 4.18 个百分点，减值损失 和所得税贡献边际减弱。上市银行年化后平均 ROE 为 10.99%， ...

S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn 收盘价(元) 34.72 | 总市值（亿元） | 272.63 | | --- | --- | | 总股本(亿股) | 7.85 | | 流通股本(亿股) | 6.47 | | ROE（TTM） | 17.40% | | 12 月最高价(元) | 46.79 | | 12 月最低价(元) | 28.21 | 资料来源：东莞证研究所，iFind 2025 年 9 月 5 日 投资要点： 分析师：罗炜斌 SAC 执业证书编号： 营业与利润双位数增长。2025年上半年，公司营业收入为18.33亿元， 同比增长23.54%，其中国外市场实现营业收入6.02亿元，同比增长 35.09%；归母净利润、扣非后归母净利润分别为3.26和2.99亿元，分别 同比增长29.9 ...

Market Overview - The A-share market is experiencing a downward trend, with the ChiNext index leading the decline [1] - Major indices closed in the red, with the ChiNext index down by 4.25% and the Sci-Tech 50 index down over 6% [2][4] Sector Performance - The top-performing sectors include retail trade (up 1.63%), beauty care (up 1.19%), and banking (up 0.79%) [3] - Conversely, sectors such as telecommunications (down 8.48%), electronics (down 5.08%), and non-ferrous metals (down 3.65%) are underperforming [3][4] Market Trends - The market is characterized by a high number of declining stocks, with nearly 3,000 stocks falling [6] - The report indicates that the current liquidity remains a fundamental support for the market, despite short-term overbought pressures [6] Future Outlook - The report suggests three key areas to watch: 1. The second phase of the bull market with rapid sector rotation, focusing on sectors with low valuations and improving conditions [6] 2. Policy signals in response to economic pressures, particularly regarding PPI trends [6] 3. Potential interest rate cuts by the Federal Reserve, which could enhance liquidity and benefit sectors like non-ferrous metals [6] Policy Developments - The Ministry of Industry and Information Technology has issued a growth action plan for the electronic information manufacturing industry, targeting an average growth rate of around 7% for major sectors [5] - The plan emphasizes innovation in AI applications and the development of key components for 5G/6G technologies [5]

2025 年 9 月 4 日 投资要点： 卢芷心 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn | 收盘价(元) | 62.64 | | --- | --- | | 总市值（亿元） | 922.15 | | 总股本(亿股) | 14.72 | | 流通股本(亿股) | 14.70 | | ROE（TTM） | 12.23% | | 12 月最高价(元) | 69.15 | | 12 月最低价(元) | 30.68 | SAC 执业证书编号： S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn 评 报 告 资料来源：东莞证券研究所，iFinD 买入（维持） 浪潮信息（000977）2025 年半年报业绩点评 公 司 点 公司业绩双位数增长，服务器龙头地位稳固 事件：公司发布2025年半年报。 点评： 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 ...

Investment Rating - The report maintains an "Overweight" rating for the semiconductor sector, driven by AI and domestic substitution [4]. Core Insights - The semiconductor industry is experiencing an upward cycle, with Q2 2025 revenue and net profit showing year-on-year and quarter-on-quarter growth, benefiting from AI-driven demand and ongoing domestic substitution efforts [4][12][26]. Summary by Sections Overall Industry Performance - The semiconductor sector achieved a revenue of 318.609 billion yuan in H1 2025, a year-on-year increase of 15.54%, and a net profit of 24.159 billion yuan, up 32.41% year-on-year. In Q2 2025, revenue reached 170.023 billion yuan, growing 15.17% year-on-year and 14.43% quarter-on-quarter, with net profit at 14.825 billion yuan, reflecting a year-on-year increase of 30.91% and a quarter-on-quarter increase of 58.82% [3][12][26]. Subsector Performance 1. **Semiconductor Equipment** - The semiconductor equipment sector reported H1 2025 revenue of 38.923 billion yuan, up 30.86% year-on-year, and a net profit of 6.306 billion yuan, up 18.84% year-on-year. Q2 2025 revenue was 21.038 billion yuan, a year-on-year increase of 28.80% and a quarter-on-quarter increase of 17.62% [27][32]. 2. **Semiconductor Materials** - The semiconductor materials sector achieved H1 2025 revenue of 22.416 billion yuan, up 11.73% year-on-year, with a net profit of 1.437 billion yuan, up 8.81% year-on-year. Q2 2025 revenue was 11.762 billion yuan, reflecting a year-on-year increase of 12.20% and a quarter-on-quarter increase of 10.40% [39][43]. 3. **Digital Chips** - The digital chip sector saw H1 2025 revenue of 87.129 billion yuan, up 24.72% year-on-year, and a net profit of 9.050 billion yuan, up 35.52% year-on-year. Q2 2025 revenue was 49.163 billion yuan, a year-on-year increase of 28.68% and a quarter-on-quarter increase of 29.49% [52][60]. 4. **Analog Chips** - The analog chip sector reported H1 2025 revenue of 24.502 billion yuan, up 13.16% year-on-year, with a net profit of 5.03 billion yuan, up 280.46% year-on-year. Q2 2025 revenue was 13.582 billion yuan, reflecting a year-on-year increase of 17.66% and a quarter-on-quarter increase of 24.38% [4][39]. 5. **Semiconductor Packaging and Testing** - The semiconductor packaging and testing sector achieved H1 2025 revenue of 45.864 billion yuan, up 18.73% year-on-year, with a net profit of 1.542 billion yuan, up 3.50% year-on-year. Q2 2025 revenue was 23.967 billion yuan, a year-on-year increase of 14.28% and a quarter-on-quarter increase of 9.46% [4][39]. 6. **Integrated Circuit Manufacturing** - The integrated circuit manufacturing sector reported H1 2025 revenue of 55.129 billion yuan, up 19.37% year-on-year, with a net profit of 2.814 billion yuan, up 44.65% year-on-year. Q2 2025 revenue was 27.857 billion yuan, reflecting a year-on-year increase of 16.14% and a quarter-on-quarter increase of 2.14% [4][39].

超配 （维持） 电子行业 2025 半年报业绩综述 业 绩 综 各细分业绩快增，AI 相关表现亮眼 2025 年 9 月 4 日 投资要点： 投资建议：受智能终端需求复苏以及AI算力驱动，电子行业2025上半年 业绩继续向好，收入、利润保持双位数增长。各细分领域业绩实现快增， 特别是AI相关细分如PCB、CCL，业绩表现亮眼，盈利能力大幅提升。后 续建议重点关注两条主线，一是AI算力，大模型训练及应用加大对算力 需求，海外科技巨头资本开支保持高增，主权AI需求持续释放，英伟达 GPU及巨头自研ASIC有望并驾齐驱，而国内在"人工智能+"政策护航下 亦有望加大对国产算力应用，算力产业链景气度维持高位，关注服务器 ODM，以及具备高端产品、产能及通过客户验证的PCB/CCL公司。二是AI 终端，下半年是传统消费电子旺季，手机、可穿戴等多款新品有望密集 发布，后续看好AI终端放量，关注苹果产业链、AI眼镜产业链。 券 研 究 报 告 风险提示：全球贸易摩擦加剧；终端需求不及预期；技术推进不及预期； 行业竞争加剧等。 电子行业 罗炜斌 SAC 执业证书编号： S0340521020001 电话：0769-221106 ...