最近一年走势 2025 年 09 月 01 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 张钰莹 S0350524100004 zhangyy03@ghzq.com.cn [Table_Title] 优必选：从 Walker S1 到未来，人形机器人 PK 的是什么？ ——优必选（09880）公司深度研究 | 相对恒生指数表现 | | 2025/08/29 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 优必选 | 4.8% | 11.1% | 7.3% | | 恒生指数 | -1.8% | 6.4% | 41.0% | 人形机器人被视为工业 4.0 核心载体，GGII 预测全球市场规模 2030 年 达 200 亿美元，参考中国服务机器人市场约占全球市场 25%的数值测算， 中国市场规模将达 50 亿美元。据《制造业人才发展规划指南》，2025 年中国制造业工人缺口将达 3000 万，缺口率高达 48%，劳动力短缺与 成本上升推动人形机器人需求持续释放。公司以工业版人形机器人为核 心战略重点，Walker S 系列持续迭代，深耕汽 ...

2025 年 09 月 01 日 公司研究 评级：增持（首次覆盖） | 研究所： | | | | | --- | --- | --- | --- | | 证券分析师： | | 马川琪 | S0350523050001 | | | | | macq@ghzq.com.cn | | 联系人 | ： | 丁婧欣 | S0350124040002 | | | | dingjx@ghzq.com.cn | | [Table_Title] 2025Q2 美容治疗收入超指引上限，超 70%新客 来自私域及老带新 ——新氧（SY）动态点评报告 最近一年走势 相对标普 500 表现 | | | 1M | 3M | 12M | | --- | --- | --- | --- | --- | | 新氧 | | -13.71% | 347.81% | 365.41% | | 标普 | 500 | 1.91% | 9.28% | 14.37% | | 市场数据 | 2025/08/29 | | --- | --- | | 当前价格（美元） | 3.84 | | 周价格区间（美元） 52 | 0.64-6.28 | | 总市值（百万美元 ...

Group 1 - The report highlights the growth trend in the treatment of hemorrhoids products and the potential for expanding into wet wipes business, with a focus on the company's strong performance in the first half of 2025 [5][6][7] - The company achieved a revenue of 1.949 billion yuan in H1 2025, a year-on-year increase of 1.11%, and a net profit of 343 million yuan, up 10.04% year-on-year [6][7] - The company is extending its product line into the field of anal health, with rapid growth in wet wipes, leveraging its established brand recognition and user base [7] Group 2 - The report discusses the strategic focus on financial technology and the acceleration of AI model applications by the company, which reported a revenue of 1.208 billion yuan in H1 2025, a decrease of 48.55% year-on-year [8][9] - The company is narrowing its business focus to financial technology, reducing non-financial IT business, while maintaining investment in core technology and product areas [9][10] - The new generation of core products is being developed to enhance self-operated technology services, with significant investments in AI [11][12] Group 3 - The report indicates that the secondary market is under pressure, with new infrastructure turnover rates leading the market, as evidenced by the issuance of 14 public REITs in 2025, a decrease from the previous year [13][14] - The REITs index has faced declines, with the market's total value dropping to 215.894 billion yuan, while the trading activity has increased slightly [14][15] - New infrastructure sectors are showing higher turnover rates, particularly in park infrastructure, which is leading in transaction volume [15] Group 4 - The report notes that competition in the food delivery sector is intensifying, leading to significant pressure on profits, with the company reporting a revenue of 91.8 billion yuan in Q2 2025, a year-on-year increase of 12% [18][19] - The core local business revenue grew by 8% to 65.3 billion yuan, but operating profits fell sharply due to increased delivery subsidies and marketing expenses [19][20] - The company is optimistic about its long-term growth potential in instant delivery and overseas expansion despite short-term profit pressures [21][22] Group 5 - The report highlights the company's investments in digital and cultural sectors, with a stable revenue of 1.179 billion yuan in H1 2025, and a focus on expanding its digital technology and cultural offerings [23][24] - The online gaming segment showed a revenue increase of 9% to 706 million yuan, while the digital marketing services revenue grew by 14% [24][25] - The company is actively investing in various innovative business areas, including digital sports and arts, to enhance its market presence [25][26] Group 6 - The report indicates that the company achieved a revenue of 13.38 billion yuan in H1 2025, a year-on-year increase of 27.9%, with a significant rise in overseas sales [31][32] - The company is focusing on expanding its IP matrix and targeting a broader age demographic, with a notable increase in sales from online channels [33][34] - The company is adjusting its revenue forecasts for 2025-2027, expecting revenues of 34.18 billion yuan, 47.16 billion yuan, and 57.25 billion yuan respectively [36]

2025 年 08 月 31 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 2025Q2 营收利润环比稳健增长，毛利率环比优化提升 ——无锡振华（605319）2025 年中报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/08/29 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 无锡振华 | 7.2% | 8.0% | 116.5% | | 沪深 300 | 8.3% | 16.5% | 37.2% | | 市场数据 | | | 2025/08/29 | | 当前价格（元） | | | 33.16 | | 周价格区间（元） 52 | | | 15.21-40.65 | | 总市值（百万） | | | 8,292.04 | | 流通市值（百万） | | | 7,085.68 | | 总股本（万股） | | | 25,006.16 | | 流通股本（万股） | | | 21,368.16 | | 日均成交额（百万） | | ...

2025 年 08 月 31 日 固定收益专题研究 研究所： 证券分析师： 靳毅 S0350517100001 jiny01@ghzq.com.cn 证券分析师： 范圣哲 S0350522080001 fansz@ghzq.com.cn [Table_Title] 本轮牛市，可转债怎么看？ 固定收益专题研究 最近一年走势 投资要点: 国海证券研究所 请务必阅读正文后免责条款部分 相关报告 《固定收益点评：如何增厚高评级转债收益？*靳 毅，范圣哲》——2025-07-31 《固定收益点评：可转债新券投资策略怎么看？* 靳毅，范圣哲》——2025-07-14 《固定收益点评：股市行情上涨，后续转债如何选 择？*靳毅，范圣哲》——2025-07-04 《固定收益点评：银行转债退出怎么看？*靳毅， 范圣哲》——2025-06-17 《固定收益点评：波动率放大，转债如何应对？* 靳毅，范圣哲》——2025-06-04 本轮 A 股与 2014 年流动性牛市高度同构 "政策—流动性—产业" 共振推升指数与风险偏好，宏观上呈"股市先行、基本面滞后"， 处于增速换挡与去库存期，居民资产再配置抬升风险偏好；政策上 延续"货币宽 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][8]. Core Insights - In the first half of 2025, the company achieved a revenue of 625 million yuan, representing a year-on-year growth of 24.40%, and a net profit attributable to shareholders of 119 million yuan, up 21.84% year-on-year [2]. - The sales gross margin was 73.07%, a decrease of 3.79 percentage points compared to the previous year, while the net profit margin was 17.15%, down 1.92 percentage points year-on-year [2]. - The high-temperature alloy segment saw a significant revenue increase of 73.34% year-on-year, reaching 165 million yuan, although its gross margin decreased by 7.18 percentage points to 25.73% [3]. - The company has signed a three-year supply agreement with Siemens, indicating strong customer expansion in the high-temperature alloy business [5][7]. Financial Performance - For Q2 2025, the company reported a revenue of 290 million yuan, a year-on-year increase of 36.81%, but a quarter-on-quarter decrease of 13.33% [4]. - The net profit for Q2 2025 was 47 million yuan, reflecting a year-on-year growth of 44.94% but a quarter-on-quarter decline of 35.73% [4]. - The company expects revenues of 1.419 billion yuan, 1.809 billion yuan, and 2.258 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 261 million yuan, 342 million yuan, and 435 million yuan [8][10]. Business Segments - The medical products segment, particularly the Jinshuangqi and Dingjunsheng products, has seen revenue growth of 12.52% and 17.47% respectively in the first half of 2025 [3][12]. - The company is advancing its dual-base construction in the pharmaceutical sector, with significant progress in its biopharmaceutical R&D headquarters and industrialization base [7].

Investment Rating - The report maintains a "Buy" rating for the company [1][13]. Core Views - The company is actively investing in various innovative sectors, including digital culture, digital sports, and IP card games, which are expected to drive growth and expand its market presence [6][8][11]. - The company's revenue and net profit are projected to grow significantly over the next few years, with expected revenues of 38.15 billion, 44.49 billion, and 49.00 billion for 2025, 2026, and 2027 respectively [11][12]. Summary by Sections Company Performance - As of August 28, 2025, the company's stock price is 15.39 yuan, with a market capitalization of approximately 19.52 billion [4]. - The company has shown strong performance relative to the CSI 300 index, with a 12-month return of 95.7% compared to the index's 35.8% [4]. Financial Highlights - For the first half of 2025, the company reported a revenue of 11.79 billion yuan in digital culture, a year-on-year increase of 4.1%, while digital technology revenue was 2.56 billion yuan, a decrease of 12.7% [8]. - The company's online game operations generated 7.06 billion yuan, up 9% year-on-year, while online social revenue fell by 52.5% to 0.69 billion yuan [8]. Strategic Initiatives - The company has established a strategic partnership with Ele.me to explore media integration and local life services [7]. - It has invested in 14 unicorn companies, including Zhonghao Xinying, which is planning to acquire control of Tianpu shares [8][11]. Future Projections - The company forecasts a net profit of 6.29 billion, 7.42 billion, and 8.22 billion for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 31, 26, and 24 [11][12].

2025 年 08 月 29 日 公司研究 评级：买入(维持) | 研究所： | | | --- | --- | | 证券分析师： | 杨仁文 S0350521120001 | | | yangrw@ghzq.com.cn | | 证券分析师： | 方博云 S0350521120002 | | | fangby@ghzq.com.cn | | 证券分析师： | 吴倩 S0350525070006 | | | wuq05@ghzq.com.cn | [Table_Title] IP 更加均衡发展，2025H1 海外收入大幅 | 相对恒生指数表现 | | 2025/08/28 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 布鲁可 | -18.6% | -29.9% | | | 恒生指数 | -2.2% | 7.5% | | | 市场数据 | 2025/08/28 | | --- | --- | | 当前价格（港元） | 103.60 | | 52 周价格区间（港元） | 73.50-198.00 | | 总市值（百万港元） | 25,800.14 | ...

Investment Rating - The report maintains a "Buy" rating for Meituan-W (3690.HK) [1] Core Insights - The report highlights that intensified competition in the food delivery sector has pressured profits, while the company is expected to release long-term value [2][6] - Meituan's Q2 2025 revenue reached 91.8 billion RMB, reflecting a year-on-year growth of 12% and a quarter-on-quarter growth of 6% [11] - The report anticipates that the company's core local business will continue to face challenges due to increased competition and overseas expansion losses [10][18] Summary by Sections Recent Performance - In Q2 2025, Meituan achieved a revenue of 91.8 billion RMB, with operating profit of 200 million RMB (YoY -98%, QoQ -98%) and net profit of 400 million RMB (YoY -97%, QoQ -96%) [11] - Non-GAAP EBITDA was 2.8 billion RMB (YoY -81%, QoQ -77%), and Non-GAAP net profit attributable to shareholders was 1.5 billion RMB (YoY -89%, QoQ -86%) [11] Business Segments - **Food Delivery Business**: Q2 2025 saw a steady growth in food delivery, with estimated order volume increasing by 10% YoY. The company is enhancing supply through various models to boost user engagement [7] - **Flash Purchase Business**: Strong growth in order volume and transaction value was noted, with significant increases during promotional periods. The establishment of over 50,000 flash warehouses supports local store digital transformation [7] - **In-store and Travel Business**: This segment performed well, with order volume growing over 40% YoY and revenue increasing by 15% YoY [7] Financial Forecasts - The report revises revenue forecasts for 2025-2027 to 370.2 billion RMB, 417.9 billion RMB, and 475.5 billion RMB respectively, with Non-GAAP net profit estimates of 5 billion RMB, -5.02 billion RMB, and 26.2 billion RMB [10][18] - The target market capitalization for 2026 is set at 735.1 billion RMB, corresponding to a target price of 120 RMB per share [10][19]

2025 年 08 月 29 日 资产配置报告 研究所： 证券分析师： 林加力 S0350524100005 linjl01@ghzq.com.cn 证券分析师： 许潇琦 S0350525080004 xuxq01@ghzq.com.cn [Table_Title] 二级市场收益承压，新型基础设施换手率领先 ——公募 REITs 周报 最近一年走势 投资要点： 相关报告 《公募 REITs 周报：二级市场收益承压，数据中心 REITs 逆势走强*林加力，许潇琦》——2025-08-21 《公募 REITs 周报：一级市场项目进展顺利，二级 市场收益转好*林加力》——2025-08-06 《资产配置报告：2025 年 7 月中央政治局会议解 读——聚焦三大内生增长引擎*林加力》—— 2025-08-04 《公募 REITs 周报：一级市场项目进展顺利，二级 市场收益承压*林加力》——2025-07-31 *林加力》——2025-07-25 国海证券研究所 请务必阅读正文后免责条款部分 一级市场一单项目状态更新：根据交易所最新披露，截至 2025 年 8 月 22 日，年内公募 REITs 市场已成功发行 14 ...