Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [47] Core Insights - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, with a rise of 6.18% from August 15 to August 28, 2025, lagging behind the index by approximately 0.78 percentage points [13][14] - Most sub-sectors recorded positive returns, with only the fishery sector showing a negative return of -0.26%. The sub-sectors of agricultural product processing, breeding, animal health, feed, and planting rose by 8.25%, 8.23%, 4.58%, 3.28%, and 1.44% respectively [14][15] - Approximately 72% of stocks in the industry recorded positive returns during the same period [15] Industry Data Summary - **Pig Farming**: - Average price of external three-way cross pigs decreased from 13.82 CNY/kg to 13.63 CNY/kg between August 15 and August 28, 2025 [25] - As of the end of July 2025, the breeding sow inventory was 40.42 million heads, a slight decrease of 0.02% [25] - The profit for self-bred pigs was 32.24 CNY/head, showing a slight decline, while the profit for purchased piglets was -148.41 CNY/head, which improved slightly [30] - **Poultry Farming**: - The average price of broiler chicks was 3.61 CNY/chick, showing a slight increase, while the average price of layer chicks was 3.0 CNY/chick, which decreased slightly [32] - The average price of white feather broilers remained stable at 7.33 CNY/kg, with a profit of 1.37 CNY/chick, which slightly declined [35] - **Feed Production**: - National feed production in July 2025 was 28.31 million tons, a month-on-month increase of 2.3% and a year-on-year increase of 5.5% [39] Company Insights - Key companies to focus on include: - Muyuan Foods (002714): Leading domestic pig farming company with cost, scale, and integration advantages [48] - Haida Group (002311): Leading domestic feed company expected to maintain steady market share growth [48] - Zhongchong Pet (002891): Leading domestic pet food company with expected rapid growth in domestic business and recovery in export business [48] - Reap Bio (300119): Leading company in the domestic animal health industry with a continuously enriched product matrix for pet health [48]

Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by more than 10% in the next six months [1]. Core Insights - The State Council has officially released the "Artificial Intelligence+" action plan, aiming for widespread integration of AI across six key areas by 2027, with a target application penetration rate of over 70% for new intelligent terminals and agents. By 2030, this rate is expected to exceed 90%, leading to a new stage of intelligent economy and society by 2035. The report suggests that continuous top-level policy support will accelerate AI applications across various fields, enhancing the infrastructure for AI, including algorithms, computing power, and data [2][20][28]. Summary by Sections Industry Performance Review - The computer sector has seen a cumulative increase of 13.61% over the past two weeks (2025/8/15-2025/8/28), outperforming the CSI 300 index by 6.65 percentage points, ranking 4th among 31 first-level industries. In August, the sector rose by 17.21%, and year-to-date, it has increased by 32.54%, surpassing the CSI 300 index by 19.10 percentage points [2][9][12]. Valuation Situation - As of August 28, 2025, the SW computer sector's PE TTM (excluding negative values) stands at 61.77 times, placing it in the 96.09th percentile for the past five years and the 91.96th percentile for the past ten years [19][21]. Industry News - Key developments include the State Council's release of the "Artificial Intelligence+" action plan, the launch of DeepSeek-V3.1, Google's introduction of the Gemini 2.5 Flash Image model, OpenAI's GPT-realtime voice model, xAI's Grok Code Fast 1, and Alibaba's open-source video generation model Wan2.2-S2V [20][22][23]. Company Announcements - Notable company announcements include: - Dameng Data reported a 48.65% increase in revenue to 523 million yuan and a 98.36% rise in net profit to 205 million yuan for the first half of 2025 [23]. - Inspur Information achieved a revenue of 80.192 billion yuan, up 90.05%, with a net profit of 799 million yuan, a 34.87% increase [23]. - Yonyou Network reported a revenue decline of 5.9% to 3.581 billion yuan, with a net loss of 945 million yuan [23][24]. Investment Opportunities - The report suggests focusing on investment opportunities in AI applications and computing power, highlighting companies such as: - GuoDianYunTong (002152.SZ) for its stable growth in financial technology and deepening layout in data elements and computing power [29]. - Digital China (000034.SZ) as a core partner in the "Kunpeng + Ascend" industry chain, expected to benefit from rising domestic computing power demand [29]. - Inspur Information (000977.SZ) for its strong position in cloud computing and AI servers [29].

行 业 周 报 食品饮料（申万）指数走势 食品饮料行业 超配（维持） 食品饮料行业双周报（2025/08/15-2025/08/28） 业绩表现分化，关注白酒旺季动销反馈 投资要点： ◼ 风险提示：原材料价格波动、产品提价不及预期、渠道开展不及预期、 行业竞争加剧、食品安全风险、宏观经济波动风险等。 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。 行 业 研 究 相关报告 证 券 研 究 报 告 ◼ 行情回顾：2025年8月15日-2025年8月28日，SW食品饮料行业指数整体 上涨3.04%，板块涨幅位居申万一级行业第二十一位，跑输同期沪深300 指数约3.92个百分点。细分板块中，多数细分板块跑输沪深300指数。其 中，其他酒类板块上涨7.50%，板块涨幅最大；肉制品板块跌幅最大，为 -0.73%。 ◼ 行业周观点：业绩表现分化，关注白酒旺季动销反馈。白酒板块：从白 酒目前公布的业绩来看，内部表现分化。其中，贵州茅台上半年业绩稳 健增长，彰显品牌韧性。水井坊、洋河股份、今世缘等业绩同比均出现 不同程度下滑 ...

买入（维持） Q2 业绩季环比改善，盈利水平提升 伊利股份（600887）2025 年半年报点评 2025 年 8 月 29 日 投资要点： 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：黄冬祎 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 相关报告 食品饮料行业 公 司 点 评 公 司 研 究 主要数据 | 2025 年 8 月 28 | 日 | | --- | --- | | 收盘价(元) | 27.81 | | 总市值（亿元） | 1759.08 | | 总股本(亿股) | 63.25 | | 流通股本(亿股) | 62.94 | | ROE（TTM） | 12.69% | | 12 月最高价(元) | 30.67 | | 12 月最低价(元) | 20.28 | 股价走势 资料来源：同花顺，东莞证券研究所 证 券 研 究 报 告 ◼ 公司Q2业绩增速季环比 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [7]. Core Views - The company reported a revenue of 3.25 billion yuan for the first half of 2025, a year-on-year decline of 3.21%, and a net profit attributable to shareholders of 383 million yuan, down 22.22% year-on-year [2][5]. - The second quarter of 2025 showed improvement, with revenue of 1.886 billion yuan, a year-on-year decline of 0.69% but a quarter-on-quarter increase of 7.81%. The net profit for Q2 was 218 million yuan, down 15.48% year-on-year but up 31.67% quarter-on-quarter [5]. - The company has a strong international presence, with overseas revenue of 1.541 billion yuan in the first half of 2025, representing a year-on-year growth of 4.6%, driven by the expansion of global operations and services [5]. Summary by Sections Financial Performance - The company achieved total revenue of 32.50 billion yuan in the first half of 2025, with a net profit of 3.83 billion yuan and a non-recurring net profit of 2.11 billion yuan, reflecting significant declines in profitability [2][5]. - The company’s domestic revenue was 16.38 billion yuan, down 10.1% year-on-year, primarily due to a decline in clinical trial technical services [5]. Business Strengths - The company has over 20 years of experience in clinical research services, covering a wide range of therapeutic areas and maintaining a strong service network with multinational pharmaceutical companies and domestic leaders [5]. - As of June 2025, the company has supported the approval of 26 Class 1 new drugs in China and led 150 international multi-center clinical projects, showcasing its professional capabilities in global pharmaceutical innovation [5]. Earnings Forecast - The company is projected to have earnings per share (EPS) of 1.34 yuan and 1.50 yuan for 2025 and 2026, respectively, indicating a positive outlook for future profitability [5][6].

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 [7]. Core Insights - The company reported significant growth in its financial performance for the first half of 2025, with total revenue reaching 188.66 billion yuan, a year-on-year increase of 45.24%, and a net profit attributable to shareholders of 9.31 billion yuan, up 1951.52% [3][4]. - The increase in revenue and profit is attributed to a recovery in rare earth prices, robust demand from downstream industries such as new energy vehicles and aerospace, and effective cost control measures [4]. - The company is positioned as a leading supplier in the global rare earth market, benefiting from a complete industrial chain and high-quality light rare earth resources [4]. Financial Performance Summary - For the first half of 2025, the company achieved a gross margin of 12.28%, an increase of 4.32 percentage points year-on-year, and a net profit margin of 6.71%, up 4.94 percentage points [4]. - The company’s sales volume for rare earth metals increased by 32.33% and for rare earth functional materials by 17.93% [4]. - The earnings per share (EPS) forecasts for 2025 to 2027 are 0.81 yuan, 1.05 yuan, and 1.33 yuan, with corresponding price-to-earnings (PE) ratios of 69.60, 53.41, and 42.13 respectively [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7] Core Views - The company reported a revenue of 859 million yuan for the first half of 2025, representing a year-on-year growth of 42.43%, and a net profit attributable to shareholders of 392 million yuan, up 26.65% year-on-year [2][4] - The second quarter of 2025 saw a revenue of 492 million yuan, a year-on-year increase of 30.44%, and a net profit of 224 million yuan, which is a 7.36% increase year-on-year [4] - The company is actively expanding its overseas business, having achieved significant progress in the global layout of its recombinant human collagen medical devices, including obtaining medical device registration in Thailand [4] Summary by Relevant Sections Financial Performance - For the first half of 2025, the company achieved a gross margin of 90.68%, a decrease of 0.9 percentage points compared to the same period last year [4] - Medical device revenue reached 708 million yuan, growing 33.41% year-on-year, with a gross margin of 95.04%, an increase of 0.61 percentage points [4] - Functional skincare products generated 121 million yuan in revenue, a significant increase of 152.39% year-on-year, with a gross margin of 70.78%, up 6.02 percentage points [4] Future Earnings Forecast - The company is expected to have earnings per share of 8.93 yuan and 12.39 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 34 times and 24 times [4][6]

点评： 医药生物行业 S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 买入（维持） 区域聚焦 降本增效 公 益丰药房（603939）2025 年中报点评 2025 年 8 月 29 日 投资要点： 司 点 事件：公司发布了2025年中报。2025年上半年，公司实现营业总收入117.22 亿元，同比下降0.34%；实现归母净利润8.8亿元，同比增长10.32%。业绩符 合预期。 评 益丰药房（603939）2025 年中报点评 | 科目（百万元） | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入 | 24,062 | 26663 | 29,828 | 33160 | | 营业总成本 | 21,974 | 24077 | 26,823 | 29706 | | 营业成本 | 14,408 | 15,833 | 17,618 | 19,586 | | 营业税金及附加 | 95 | 107 | 119 | 133 | | 销售费用 | 6179 | 6709 | 74 ...

Investment Rating - The report maintains a "Buy" rating for Shanxi Fenjiu, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [1][5][8]. Core Insights - The company reported a total revenue of 23.964 billion yuan for the first half of 2025, reflecting a year-on-year growth of 5.35%, while the net profit attributable to shareholders was 8.505 billion yuan, up 1.13% year-on-year [5]. - In Q2 2025, the company adjusted its operational pace due to a traditional consumption off-season, resulting in a revenue of 7.441 billion yuan, a slight increase of 0.45% year-on-year, but a net profit decline of 13.50% to 1.857 billion yuan [5]. - The company continues to expand its national presence, with revenue from domestic markets reaching 8.732 billion yuan (up 4.04% year-on-year) and from external markets at 15.143 billion yuan (up 6.15% year-on-year) in the first half of 2025 [5]. - The gross margin for Q2 2025 decreased by 3.21 percentage points to 71.88%, while the net profit margin fell by 4.03 percentage points to 25.10% due to weak demand recovery and channel adjustments [5]. Summary by Sections Financial Performance - Total revenue for the first half of 2025 was 23.964 billion yuan, with a 5.35% increase year-on-year [5]. - Q2 revenue was 7.441 billion yuan, showing a 0.45% increase year-on-year, while net profit was 1.857 billion yuan, down 13.50% [5]. - The company achieved a gross margin of 71.88% in Q2 2025, down from the previous year [5]. Product and Market Strategy - The company reported a revenue of 23.391 billion yuan from Fenjiu products, up 5.75% year-on-year, while other liquor categories saw a decline of 10.55% to 0.484 billion yuan [5]. - The company is focusing on enhancing its national market presence, with significant revenue growth in both domestic and external markets [5]. Earnings Forecast - The expected earnings per share (EPS) for 2025 and 2026 are projected to be 9.77 yuan and 10.41 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 20 and 19 [5][6].

Investment Rating - The report maintains a "Market Perform" rating for the 3D printing industry [5][76]. Core Insights - The global 3D printing market is projected to reach approximately $19.33 billion in 2024, with significant growth expected in various downstream applications, particularly in automotive manufacturing, consumer electronics, and medical devices [5][35]. - The Chinese 3D printing market is anticipated to grow to around 41.5 billion yuan in 2024, driven by industrial applications in aerospace, automotive, and medical sectors [5][35]. - The report highlights the low penetration rates of 3D printing technology in various sectors, indicating substantial growth potential, especially in aerospace, healthcare, automotive, consumer electronics, and robotics [5][27][52]. Summary by Sections 1. 3D Printing Overview - 3D printing technology has evolved through three stages: research and development, mass application, and profitability [12]. - The technology allows for high design freedom, complex structures, and efficient material usage, with a material utilization rate exceeding 95% [13]. 2. Industrial Dominance and Consumer Penetration - The industrial segment leads the market, with a shift towards consumer applications as technology matures [5][27]. - The report emphasizes the increasing demand for 3D printing in aerospace, automotive, and medical sectors, with significant growth expected in these areas [5][27]. 3. Low Penetration and Growth Potential - Aerospace: 3D printing is increasingly used for lightweight and complex components, with a projected market size of $2.77 billion in 2024, growing at a CAGR of 26.13% [56]. - Healthcare: The market for 3D printing in healthcare is expected to reach $1.7 billion in 2024, with a growth rate of 20.57% [57]. - Automotive: The automotive sector is projected to reach $3.36 billion in 2024, with applications in lightweight components and customized parts [63]. - Consumer Electronics: The market size for 3D printing in consumer electronics was $2.13 billion in 2022, with significant growth potential as technology advances [68]. - Robotics: The market for 3D printing in robotics is estimated at $1.5 billion in 2023, with a projected CAGR of 13.90% [75]. 4. Investment Recommendations - The report suggests maintaining a "Market Perform" rating and highlights companies to watch, including Plater (688333), Huazhu High-Tech (688433), Dazhu Laser (002008), Ruike Laser (300747), and Obi Zhongguang (688322) [5][76].