Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Insights - The food and beverage industry experienced a revenue growth of 2.47% year-on-year in H1 2025, totaling 582.81 billion yuan, while net profit decreased by 0.60% to 127.67 billion yuan [3][11] - The report highlights a significant performance divergence among sub-sectors, with the liquor sector facing challenges while other segments like snacks and soft drinks showed better performance [3][11] Summary by Sections 1. Industry Overview - The food and beverage industry achieved a total revenue of 582.81 billion yuan in H1 2025, with a year-on-year growth of 2.47%, a decline of 2.79 percentage points compared to the previous year [3][11] - The net profit attributable to shareholders was 127.67 billion yuan, down 0.60% year-on-year, with a notable decline in growth rate of 14.64 percentage points [3][11] 2. Liquor Sector - The liquor sector's revenue in H1 2025 was 241.51 billion yuan, a decrease of 0.86% year-on-year, with net profit at 94.56 billion yuan, down 1.18% [24][28] - In Q2 2025, the liquor sector's revenue was 88.09 billion yuan, down 5.01% year-on-year, and net profit decreased by 7.50% to 31.17 billion yuan [24][28] 3. Beer Sector - The beer sector showed a revenue growth of 2.36% in H1 2025, with a double-digit increase in net profit [3][11] - The sector's profitability improved steadily, benefiting from cost reductions and product structure optimization [3][11] 4. Seasoning Sector - The seasoning sector experienced a year-on-year revenue growth in Q2 2025, indicating a recovery in dining consumption [3][11] 5. Dairy Sector - The dairy sector's performance improved in Q2 2025, with growth driven by a low base effect [3][11] 6. Snack Sector - The snack sector showed a mixed performance in Q2 2025, with some companies benefiting from core products and online channels [3][11] 7. Investment Strategy - The report suggests focusing on high-certainty stocks in the liquor sector, such as Kweichow Moutai and Wuliangye, and highlights the potential in the snack and dairy sectors due to improving consumption trends [3][11]

Investment Rating - The report has downgraded the investment rating for the pharmaceutical and biotechnology industry, indicating that most sub-sectors are under performance pressure and suggesting a focus on performance improvement directions [1]. Core Insights - The overall revenue and net profit attributable to the parent company in the pharmaceutical and biotechnology industry saw a decline in H1 2025, with total revenue of 1.23 trillion yuan, down 2.7% year-on-year, and net profit of 99.15 billion yuan, down 3.9% year-on-year [4][13]. - Most sub-sectors experienced a year-on-year decline in performance in H1 2025, with only a few segments like medical R&D outsourcing and other biological products showing positive growth [4][14]. - The investment strategy suggests focusing on innovative drugs and medical devices, highlighting companies such as Heng Rui Medicine, Bei Da Pharmaceutical, and Mindray Medical as potential investment opportunities [4]. Summary by Sections Overall Industry Performance - In H1 2025, the pharmaceutical and biotechnology industry reported total revenue of 1.23 trillion yuan, a decrease of 2.7% year-on-year, and a net profit of 99.15 billion yuan, down 3.9% year-on-year [4][13]. - The industry also saw a decline in non-recurring net profit, which fell by 13.2% year-on-year to 82.67 billion yuan [4]. Sub-sector Performance - **Chemical Preparations**: Revenue decreased by 3.2% to 271.41 billion yuan, and net profit fell by 7.5% to 25.72 billion yuan in H1 2025 [23][30]. - **Traditional Chinese Medicine**: Revenue dropped by 5.5% to 178.60 billion yuan, with net profit slightly down by 0.1% to 22.34 billion yuan [32][37]. - **Biological Products**: Revenue fell by 17.6% to 55.80 billion yuan, and net profit decreased by 31.3% to 6.36 billion yuan [40][45]. - **Pharmaceutical Commerce**: Revenue was 514.18 billion yuan, a slight decline of 0.2%, while net profit increased by 7.2% to 12.04 billion yuan [49][52]. Investment Strategy - The report recommends focusing on innovative drugs and medical devices, with specific companies highlighted for potential investment, including Heng Rui Medicine, Bei Da Pharmaceutical, and Mindray Medical [4].

增持（首次） 25Q2 业绩承压，新产品开发可期 利通科技（832225）2025 年半年报点评 2025 年 9 月 4 日 投资要点： 事件：2025年上半年，公司实现营业收入2.37亿元，同比增长7.29%；实现归 属于上市公司股东净利润0.53亿，同比增长13.87%。 点评： ◼ 风险提示：行业竞争加剧，新品推广不及预期的风险。 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。 公 司 研 究 证 券 研 究 报 告 北交所报告 公 司 吕子炜 SAC 执业证书编号： S0340522040001 电话：0769-23320059 邮箱： lvziwei@dgzq.com.cn 主要数据 2025 年 9 月 3 日 收盘价（元） 23.98 总市值（亿元） 30.44 总股本（百万股） 127 流通股本（百万股）83 ROE(TTM) 16.21% 12 月最高价（元） 30.60 12 月最低价（元） 7.01 股价走势 资料来源：东莞证券研究所，iFinD 点 评 ◼ 2025 年二季度业绩承压 ...

【A 股市场大势研判】 大盘震荡分化，创业板指收涨 市场表现： 证券研究报告 2025 年 9 月 4 日 星期四 | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3813.56 | -1.16% | -44.58 | | | 深证成指 | 12472.00 | -0.65% | -81.84 | | | 沪深 300 | 4459.83 | -0.68% | -30.62 | | | 创业板 | 2899.37 | 0.95% | 27.15 | | | 科创 50 | 1306.48 | -1.64% | -21.80 | | | 北证 50 | 1551.45 | -1.49% | -23.44 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 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 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 综合 | 1.64% | ...

分析师：陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 评 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) 98.35 2025 年 9 月 3 日 投资要点： | 主要数据 2025 年 | 9 月 2 日 | | --- | --- | | 收盘价(元) | 98.35 | | 总市值（亿元） | 257.34 | | 总股本(亿股) | 2.62 | | 流通股本(亿股) | 2.62 | | ROE | 19.31% | | 12 月最高价(元) | 券 113.04 | | 12 月最低价(元) | 研 38.31 | | 股价走势 | 究 报 告 | | 资料来源：东莞证研究所，iFind | | 资料来源：东莞证研究所，iFind 买入（维持） 车载与无线网关业务放量，业绩实现同比增长 公 司 点 移远通信（603 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][7]. Core Insights - The company achieved a significant growth in net profit for H1 2025, with revenue reaching 181.81 billion yuan, a year-on-year increase of 13.21%, and net profit of 12.30 billion yuan, up 25.05% [5]. - The company's market share in earthmoving machinery continues to rise, with revenue from this segment at 116.52 billion yuan, a 17.26% increase year-on-year, accounting for 64.09% of total revenue [5]. - The company is accelerating its globalization efforts, with overseas revenue of 85.23 billion yuan, a 10.52% increase year-on-year, representing 46.88% of total revenue [5]. Summary by Sections Financial Performance - In H1 2025, the company reported a gross margin of 22.32%, a decrease of 1.08 percentage points year-on-year, while the net margin was 6.34%, an increase of 0.01 percentage points [5]. - For Q2 2025, revenue was 90.32 billion yuan, an 11.22% year-on-year increase, with a net profit of 5.73 billion yuan, up 17.94% year-on-year [5]. Market Position - The company’s electric loader sales increased by 193% year-on-year, with over 50% of the industry’s electric loader exports coming from the company [5]. - The excavator segment saw a revenue increase of 25.10% year-on-year, with domestic and international sales growing by 31% and 22.10%, respectively [5]. International Expansion - The company is investing 500 million yuan in a manufacturing facility in Indonesia to enhance its local market presence and optimize its global supply chain [5]. - Emerging markets such as South Asia, the Middle East, and Africa showed strong growth, with some regions exceeding 80% revenue growth [5]. Earnings Forecast - The company’s earnings per share (EPS) are projected to be 0.93 yuan, 1.17 yuan, and 1.46 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 12x, 9x, and 7x [6][7].

北交所报告 2025 年 9 月 3 日 投资要点： 吕子炜 SAC 执业证书编号： S0340522040001 电话：0769-23320059 邮箱： lvziwei@dgzq.com.cn | 主要数据 2025 年 9 | 月 | 2 | 日 | | --- | --- | --- | --- | | 收盘价（元） | | 22.62 | | | 总市值（亿元） | | 29.88 | | | 总股本（百万股） 132 | | | | | 流通股本（百万股）62 | | | | | ROE(TTM) | | 14.15% | | | 12 月最高价（元） | | 24.90 | | | 12 月最低价（元） 9.80 | | | | 股价走势 资料来源：东莞证券研究所，iFinD 增持（首次） 境外业务收入大幅增长 中裕科技（871694）2025 年半年报点评 事件：2025年上半年，公司实现营业收入3.59亿元，同比增长23.81%；实现 归属于上市公司股东净利润0.53亿，同比增长41.84%。 点评： ◼ 风险提示：行业竞争加剧，新品推广不及预期的风险。 本报告的风险等级为中高风险。 本报告 ...

机械设备行业 买入（维持） 2025Q2 净利率同环比提升，土方机械表现良好 徐工机械（000425）2025 半年报点评 2025 年 9 月 3 日 投资要点： 事件：徐工机械发布2025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。 点 评 分析师：谢少威 SAC 执业证书编号： S0340523010003 电话：0769-23320059 邮箱： xieshaowei@dgzq.com.cn | 主要数据 2025 年 | 9 月 2 日 | | --- | --- | | 收盘价(元) | 9.66 | | 总市值（亿元） | 1135.34 | | 总股本(亿股) | 117.53 | | 流通股本(亿股) | 92.89 | | ROE（TTM） | 10.92% | | 12 月最高价(元) | 9.95 | | 12 月最低价(元) | 5.95 | 公 司 公 司 研 究 证 券 研 究 报 告 股价走势 资料来源：Wind，东莞证券研究所 ◼ 2025Q2 净利率同环比 ...

S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 陈伟光 S0340520060001 电话：0769-22119430 邮箱： 资料来源：东莞证券研究所，Wind 2025 年 9 月 3 日 投资要点： 罗炜斌 chenweiguang@dgzq.com.cn | 主要数据 2025 年 | 9 月 2 | 日 | | --- | --- | --- | | 收盘价(元) | 43.80 | | | 总市值（亿元） | 3,176.38 | | | 总股本(亿股) | 72.52 | | | 流通股本(亿股) | 72.39 | | | ROE（TTM） | 19.56% | | | 12 月最高价(元) | 47.54 | | | 12 月最低价(元) | 26.96 | | 买入（维持） 立讯精密（002475）2025 半年报点评 公 司 点 消费电子稳健增长，通信与汽车打开空间 SAC 执业证书编号： 事件：公司2025上半年营业收入为1,245.03亿元，同比增长20.18%，归母净 利润为66.44亿元，同比增长23.13%，扣 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Insights - The company reported a significant increase in overseas revenue, which now accounts for 55.58% of total revenue, reflecting a year-on-year growth of 14.66% [5][6]. - The company's net profit for H1 2025 reached 27.65 billion yuan, a year-on-year increase of 20.84%, indicating strong financial performance despite a slight decline in revenue growth [5]. - The company is actively pursuing a global strategy, with a focus on enhancing its competitive edge through local manufacturing and expanding its product offerings in emerging markets [5][6]. Financial Performance Summary - In H1 2025, the company achieved total revenue of 248.55 billion yuan, a year-on-year increase of 1.30%, while the gross margin was 28.15%, showing a slight decline [5]. - The company's operating profit is projected to grow, with expected earnings per share (EPS) of 0.56 yuan, 0.68 yuan, and 0.81 yuan for 2025, 2026, and 2027 respectively [7][8]. - The company has seen a robust performance in its traditional product lines, particularly in concrete machinery and earth-moving machinery, with respective revenue growths of 15.66% and 22.11% [5]. Strategic Developments - The company is accelerating the development of humanoid robots, which are expected to create new growth opportunities and enhance operational efficiency [5][6]. - The establishment of a comprehensive training facility for intelligent robotics is aimed at improving the company's capabilities in data collection and model training [6]. Market Position - The company maintains a strong market position in its core product segments, with a focus on optimizing its product structure and deepening its presence in overseas markets [5]. - The company’s overseas sales in the African region have surged by over 179%, indicating successful penetration into new markets [5].