Investment Rating - The report maintains a "Buy" rating for the coal mining sector, indicating a positive outlook for the industry moving forward [5]. Core Insights - The report emphasizes that the coal industry is experiencing a reversal rather than a rebound, with expectations for profitability to improve as coal prices have likely reached their lowest point [12][10]. - The report highlights that coal prices have begun to stabilize and recover, particularly in the context of both thermal and coking coal [15][19]. Summary by Sections Market Overview - As of September 1, 2025, the spot price for Q5500 thermal coal is reported at 695 CNY/ton, down 73 CNY/ton from the beginning of the year but up 77 CNY/ton from the lowest price in June [19]. - The average spot price for Q5500 thermal coal in Q2 2025 was 642 CNY/ton, reflecting a year-on-year decline of 211 CNY/ton (24.7%) and a quarter-on-quarter decline of 91 CNY/ton (12.5%) [19]. - Coking coal prices have also shown resilience, with the price for low-sulfur coking coal reported at 1480 CNY/ton, up 100 CNY/ton from the start of the year [23]. Performance Overview - The report notes that the coal sector has underperformed compared to the broader market, with the CSI 300 index rising by 16.37% from April 1 to September 1, 2025, while the coal index only increased by 8.99% [2][29]. - Among 26 sampled coal companies, 19 saw their stock prices rise, while 7 experienced declines during the same period [2]. Fund Holdings - As of Q2 2025, active funds held 0.43% of their portfolios in the coal sector, a slight decrease from Q1, while passive funds held 0.71%, also down from the previous quarter [3][34]. - The combined holding of both active and passive funds in the coal sector is 0.55%, reflecting a decline of 0.06 percentage points from Q1 2025 [3]. Financial Performance - The report indicates that coal companies' profits have been under pressure due to declining coal prices, with a total profit decline of 5.4% to 113.7% among the sampled companies [3][12]. - Notably, companies like Electric Power Energy and Kailuan achieved profit growth despite the overall downward trend in the sector [3]. Operational Insights - Coal companies are focusing on increasing production, improving quality, and reducing costs to mitigate the impact of falling prices [4][12]. - The total coal production for the sampled companies in H1 2025 was 586 million tons, a year-on-year increase of 4.5% [12]. Investment Recommendations - The report recommends stocks with strong earnings elasticity such as Lu'an Energy, Yanzhou Coal, and Jinkong Coal, while also highlighting key state-owned enterprises like China Shenhua and China Coal Energy for potential investment [10][11].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown a steady recovery in performance, with a 13.8% year-on-year increase in revenue to 461 million yuan in the first half of 2025, and a 15% increase in net profit to 90 million yuan [1] - The marketing reform has yielded positive results, with significant growth in self-operated regions and a reduction in sales expense ratio to 44.35%, down 3.49 percentage points year-on-year [1] - The innovative drug pipeline is progressing well, with multiple products in various stages of clinical trials, indicating a promising future for the company [2][3] Financial Performance - For the first half of 2025, the company achieved a revenue of 461 million yuan, with a net profit of 90 million yuan, and a non-GAAP net profit of 96 million yuan, reflecting year-on-year growth rates of 13.8%, 15%, and 29.2% respectively [1] - The company expects net profits to reach 152 million yuan, 183 million yuan, and 220 million yuan for the years 2025, 2026, and 2027, with corresponding growth rates of 259.8%, 20.3%, and 20.1% [3][4] - The projected P/E ratios for 2025, 2026, and 2027 are 59X, 49X, and 41X respectively, indicating a favorable valuation outlook [3][4] Product Development - The company is advancing its innovative drug products, including KC1086, which is in Phase I clinical trials for treating advanced solid tumors, and KC1036, which is in Phase III trials with expected progress [2] - The submission of ZY5301 for Pre-NDA has been accepted, targeting chronic pelvic pain, and the registration application for a veterinary product has also been accepted [2] Strategic Investments - The company has invested 150 million yuan in a financing round for a subsidiary, enhancing its portfolio in respiratory innovation and commercial products [3]

证券研究报告 | 行业专题研究 gszqdatemark 2025 09 05 年 月 日 煤炭开采 多角度财报解析——煤炭 2025 中报总结（二） 谁是"现金王"？自 2016 年供给侧改革以来，在行业高景气度背景下（尤 其 2021 年~2022 年所经历的超级景气周期），煤企历史负担已明显减轻， 虽然 2024 年初至今煤价持续下行，但部分公司账面类现金（货币资金+ 交易性金融资产）远大于付息债务。截至 2025H1 末： 谁的"负债低"？根据国家统计局数据，截至 2025H1 末，煤炭工业规模 以上企业资产负债率为 60.6%，同比增长 0.7pct。多数样本煤企资产负债 率水平低于行业整体： 谁的"家底厚"？ 谁的"潜力大"？考虑到煤价属周期波动，煤炭企业或通过加大成本管控 力度，保证企业效益稳步提升。我们以"经营性净现金流-净利润-折旧摊 销-财务费用"与"净利润"比值为评价标准，比值越高，未来利润有望释 放潜力越大。位于前列的依次为：昊华能源、伊泰 B 股、淮北矿业、中国 神华、中煤能源。 谁是"分红王"？ 增持（维持） 行业走势 -10% 0% 10% 20% 30% 40% 2024-09 ...

证券研究报告 | 固定收益定期 gszqdatemark 2025 09 04 年 月 日 固定收益定期 债行债道——9 月利率策略展望 8 月债市整体呈现震荡上行走势，曲线进一步陡峭。7 月末政治局会议落地后，市 场对于"反内卷"的高涨预期有所纠偏，叠加基本面疲弱格局仍存，8 月首周利率 整体维持低位震荡。8 月第二周宏观数据相继出炉，通胀、信贷、投资以及消费均 呈现疲态，但市场风险偏好提升使权益资产大幅上涨，股债跷跷板效应主导 8 月 债券市场交易逻辑，利率快速上行。 非银仓位持续下降，股对债压制或将减弱 过去两个月里股票市场的大幅上涨对债市形成明显压制，我们认为 9 月股对债压 制效果或将减弱。一方面，随着非银仓位的持续下降，以及配置型机构仓位的提 升，股市对债市的压制也将逐步减弱。 另一方面，高估值需要对盈利预期上升或者低利率支撑。8 月制造业 PMI 为 49.4%， 依然低于荣枯线，而无风险利率与股市估值倒数之差则逆势上升，显示从基本面 所支持的股债性价比角度来说，债券的性价比已经明显提升。如后续股市继续上 涨，从当前利率水平来看调整空间已较为有限，而企业回报率仍处于趋势性的下 行周期中，将带动广 ...

证券研究报告 | 朝闻国盛 gszqdatemark 2025 09 05 年 月 日 朝闻国盛 债行债道——9 月利率策略展望 | 今日概览 | | --- | ◼ 重磅研报 【固定收益】债行债道——9 月利率策略展望——20250904 【银行】银行研究框架及 25H1 业绩综述： 营收及利润增速双双转正— 如何看财务报表、经营情况、识别风险——20250904 ◼ 研究视点 【计算机】云赛智联（600602.SH）-25H1 业务稳健发展，云与数据布局 持续强化——20250904 【医药生物】开立医疗（300633.SZ）-25Q2 收入环比改善显著，新品推 陈出新，积蓄长期增长潜力——20250904 【医药生物】鱼跃医疗（002223.SZ）-25Q2 经营稳健，海外本土化布局 持续推进——20250904 【医药生物】微电生理（688351.SH）-25Q2 经营稳健，海外市场延续高 增，产品矩阵持续丰富——20250904 【医药生物】联影医疗（688271.SH）-国内市场稳健增长，海外市场表 现亮眼，AI 赋能战略坚定推进——20250904 【医药生物】迈瑞医疗（300760.SZ）-海 ...

观点：25Q2 收入端稳健增长，产品结构变化及新产品成本下降驱动毛利率提升， 收入规模扩大带动期间费用率改善。国际市场延续高增，海外重点产品准入持续 推进。在研管线推进顺利，产品矩阵持续丰富，为公司长期稳健发展奠定根基。 25Q2 收入端稳健增长，毛利率提升及期间费用率改善驱动盈利能力持续增强。 证券研究报告 | 半年报点评 gszqdatemark 2025 09 04 年 月 日 微电生理（688351.SH） 25Q2 经营稳健，海外市场延续高增，产品矩阵持续丰富 微电生理发布 2025 年半年度报告。2025H1 公司实现营业收入 2.24 亿元，同比 增长 12.80%；归母净利润 3267 万元，同比增长 92.02%；扣非后归母净利润 2081 万元，同比增长 2157.44%。分季度看，2025Q2 实现营业收入 1.20 亿元，同比增 长 9.56%；归母净利润 1480 万元，同比增长 15.22%；扣非后归母净利润 825 万 元，同比增长 262.86%。 2025H1 公司收入端稳健增长，分产品线来看：1）导管类产品收入 1.61 亿元，毛 利率 62.58%；2）设备类产品收入 1 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 09 04 年 月 日 注重研发创新，产品布局持续丰富。公司高度重视研发创新，不断突破高端领域，2025H1 公 司三大产线均取得重要进展。 AI 医疗： 瑞智重症决策辅助系统&启元重症大模型实现装机医 院 8 家，瑞智围术期决策辅助系统&启元围术期医学大模型实现装机医院 2 家。 体外诊断： 已推出幽门螺杆菌 IgG 抗体检测试剂盒、S100 蛋白测定试剂盒、糖化血红蛋白分析仪 H-120 等新产品。 医学影像： 推出了中端便携彩超 MX/ME 精英版、新经济型台式彩超 Consona N5 系列、新高端悬吊 DR DigiEye U 系列、Vetus E5/E3 动物专用便携式彩超等新产品及解决方 案。 生命信息与支持： 推出了 BeneVision V 系列全新一代高端监护仪、BeneVision CMS 中 央监护系统、DolphinPro 系列精细长刀头超声刀等新产品。 高比例分红回馈投资者，彰显长期投资价值。2025H1 公司拟向全体股东每 10 股派发现金 红利 13.10 元（含税），合计 15.88 亿元，加上 5 月已经实施 ...

Investment Rating - The report maintains a "Buy" rating for Yuyue Medical [6] Core Views - The business has returned to a normalized trajectory, with steady growth in revenue for Q2 2025, while the non-recurring profit growth lagged behind due to government subsidies [2] - The blood glucose segment is experiencing rapid growth, with continuous iterations of CGM products and new products being launched [2] - The overseas sales revenue has shown remarkable growth, with a 26.63% year-on-year increase, driven by the success of oxygen concentrators and ventilators in international markets [3] - The company is expected to achieve revenues of 84.79 billion, 96.13 billion, and 108.84 billion from 2025 to 2027, with corresponding net profits of 21.22 billion, 25.17 billion, and 29.13 billion [3] Financial Performance Summary - In H1 2025, the company achieved operating revenue of 46.59 billion, a year-on-year increase of 8.16%, and a net profit attributable to the parent company of 12.03 billion, up 7.37% [1] - The gross margin for Q2 2025 was 50.43%, with an increase in sales expense ratio to 20.22% due to expanded sales efforts [2] - The company’s operating income is projected to grow at rates of 12.1%, 13.4%, and 13.2% from 2025 to 2027 [3] Product Segment Performance - The blood glucose segment generated revenue of 6.74 billion in H1 2025, with a growth rate of 20.00% [10] - The respiratory treatment segment reported revenue of 16.74 billion, reflecting a growth of 1.93% [10] - The home health monitoring segment achieved revenue of 10.14 billion, with a year-on-year growth of 15.22% [10]

证券研究报告 | 半年报点评 gszqdatemark 2025 09 04 年 月 日 安孚科技（603031.SH） 出口增速较快，盈利水平有所优化 事件：公司发布 2025 年半年报。公司 25H1 实现营业总收入 24.3 亿元， 同比增长 5.0%；实现归母净利润 1.1 亿元，同比增长 14.4%。其中， 2025Q2 单季营业总收入为 10.5 亿元，同比增长 3.9%；归母净利润为 0.4 亿元，同比增长 24.3%。 收入增长主要系出口增长贡献。 1）产品进一步迭代：25H1 公司加大了研发创新投入，推出聚能环 5 代电 池产品，性能在聚能环 4 代基础上进一步大幅提升，进一步稳固了南孚电 池在国内碱性电池市场的龙头地位及海外 OEM 市场的产品技术优势。 2）产能提升：2024 年公司计划新建 4 条 2.5 亿只/条的生产线，有 3 条 已投入使用，缓解了因公司订单快速增长造成的产能不足问题。新建产线 由南孚自行设计制造，结合多年来在生产技术和研发经验的积累，大幅提 升了自动化和智能化的水平，实现了用工更少、效率更高、产品质量更优 的效果，从而实现降本增效及提升产品性能和质量的多重目标。 ...

Investment Rating - The report indicates a positive outlook for the banking industry, with overall revenue and net profit growth rates turning positive in the first half of 2025, at 1.0% and 0.8% respectively, showing improvements from the previous quarter [4]. Core Insights - The banking sector's net interest margin for the first half of 2025 is reported at 1.42%, a decrease of 10 basis points compared to the previous year, but the decline is narrowing due to improved cost management on the liability side [5]. - Non-interest income, particularly from fees and commissions, has increased by 3.1% year-on-year, driven by a recovery in wealth management and a more active market environment [5]. - The asset quality remains stable, with a non-performing loan ratio of 1.23% and a provision coverage ratio of 239%, indicating a solid credit environment [5]. Summary by Sections Financial Performance Overview - The overall revenue and net profit growth for listed banks in the first half of 2025 were 1.0% and 0.8%, respectively, with both metrics showing improvement from the first quarter [4][22]. - The total assets of listed banks reached 321.3 trillion yuan, growing by 6.35% year-to-date, with loans and advances totaling 179.4 trillion yuan, accounting for 55.84% of total assets [21][24]. Income Sources - Net interest income decreased by 1.3% year-on-year, but the decline rate has slowed, reflecting better management of funding costs [5]. - Fee and commission income grew by 3.1% year-on-year, benefiting from a recovering market and the gradual impact of regulatory changes [5]. - Other non-interest income saw a significant increase of 10.7%, primarily due to favorable market conditions in the bond market [5]. Asset Quality and Management - The non-performing loan ratio remained stable at 1.23%, with a provision coverage ratio of 239%, indicating a robust asset quality [5]. - The credit cost for the first half of 2025 was 0.81%, a decrease of 5 basis points year-on-year, suggesting manageable credit risks [5]. Loan Growth and Composition - Loan growth was primarily driven by corporate lending, with significant contributions from infrastructure and manufacturing sectors [20]. - Personal loan growth was weaker, with a year-on-year increase of only 3.6%, reflecting a cautious approach to consumer lending amid rising risks [20]. Investment and Market Conditions - The investment asset proportion decreased to 34% as banks adjusted their strategies in response to market volatility [20]. - The overall yield on bonds fluctuated significantly, prompting banks to engage in tactical trading to enhance returns [20].