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].

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 证券研究报告 | 半年报点评 gszqdatemark 2025 09 04 年 月 日 联影医疗发布 2025 年半年度报告。2025H1 公司实现营业收入 60.16 亿元，同比增长 12.79%；归母净利润 9.98 亿元，同比增长 5.03%；扣非后归母净利润 9.66 亿元，同比增 长 21.01%。分季度看，2025Q2 实现营业收入 35.38 亿元，同比增长 18.60%；归母净利润 6.28 亿元，同比增长 6.99%；扣非后归母净利润 5.87 亿元，同比增长 17.96%。 观点：招采需求稳步复苏，设备与服务协同增长，MR、XR 等产品增长靓丽，重点产品线海 内外市场均有所突破。海外市场高速增长，高端市场与新兴市场均有所突破。AI 已赋能至 各产品线，助力产品力提升，国产医学影像龙头强者恒强。 招采需求逐步复苏，公司业绩稳健增长，服务业务表现亮眼。2025H1公司实现设备收入48.90 亿元（同比+7.61%），服务收入 8.16 亿元（同比+32.21%），随着招采活动稳步恢复，设备 与服务协同 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 09 04 年 月 日 理想汽车-W（02015.HK） 业绩短期承压，关注 i6 发布 理想汽车业绩短期承压。公司 Q2 销量 11.1 万台，同比/环比增长 2%/20%，收入 同比/环比分别-5%/+17%至 302.5 亿元人民币。Q2 毛利率 20.1%，同比/环比分 别+0.6pct/-0.5pct，其中汽车/服务及其他毛利率分别为 19.4%/33.5%。汽车毛利 率同比提升 0.7pct，主要是由于成本下降导致的平均销售成本降低，环比小幅下 降 0.3pct。公司 Q2 研发和销售费用分别为 28 亿、27 亿，同比减少、环比增长。 归母净利润录得 10.9 亿元，同比/环比分别-1%/+68%，归母净利润率录得 3.6%， 同比提升 0.1pct、环比提升 1.1pct。 展望 Q3，考虑到市场竞争更加激烈，公司对三季度的交付量指引较为谨慎。Q3， 公司预计交付 9-9.5 万辆，同比减少 41.1%-37.8%；收入为 248-262 亿元人民币， 同比减少 42.1%-38.8%。公司预计毛利率维持在 19%左右。 纯电 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 09 04 年 月 日 博俊科技（300926.SZ） 业绩持续高增长，打造白车身总成供应商 事件：公司发布 2025 年半年报。2025 年 H1，公司收入 25 亿元，同比 +46%；归母净利润 3.5 亿元，同比+52%；其中 2025 年 Q2，公司收入 14 亿元，同比+53%，环比+28%；归母净利润 2.0 亿元，同比+55%， 环比+36%。 核心客户放量，带动业绩向上增长。Q2，国内新能源车销量 295 万辆，环 比+26%，其中赛力斯销量 10.7 万辆，环比+138%，理想销量 11.1 万辆， 环比+19%，小鹏销量 10.3 万辆，环比+10%，零跑销量 13.4 万辆，环 比+53%，吉利销量 70.9 万辆，环比+1%。受益于海外市场开拓+多元化 客户结构，公司 2025Q2 收入 14 亿元，同/环比+53%/+28%；归母净利 润 2.0 亿元，同/环比+55%/+36%。利润率方面，2025Q2，公司销售毛 利率 25.1%，同/环比-4.2/-0.8pct，销售净利率 14.4%，同/环比 +0.2/+0. ...

证券研究报告 | 半年报点评 gszqdatemark 2025 09 04 年 月 日 瑞鹄模具（002997.SZ ） 业绩超预期，盈利能力持续增强 事件：公司发布 2025 年半年报。2025 年 H1，公司收入 16.6 亿元，同比 +48%；归母净利润 2.3 亿元，同比+40%；其中 2025 年 Q2，公司收入 9.2 亿元，同比+49%，环比+23%；归母净利润 1.3 亿元，同比+51%， 环比+33%。 业绩超预期，主要系零部件产能释放+模具业务订单充足。零部件方面， Q2 国内新能源车销量 295 万辆，环比+26%，其中吉利销量 99 万辆，环 比+4%，奇瑞集团销售 64 万辆，环比+3%。从而带动公司业绩增长，H1 汽车零部件业务收入 4.4 亿元，同比+70%。模具方面，公司是国内少数 能够同时为客户提供完整的汽车白车身高端制造装备、智能制造技术及整 体解决方案的专用装备及零部件供应企业之一。截至 2025H1，汽车制造 装备业务在手订单 43.8 亿元，较上年末增长 13.59%。同期公司业务收入 11.8 亿元，同比+42%。 内部降本增效，Q2 盈利能力环比提升。利润率方面 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 09 04 年 月 日 协创数据（300857.SZ） 智算产品与服务成为新增长极，前瞻布局机器人 事件：公司发布 2025 年中报，上半年实现营业收入 49.44 亿元，同比增 长 38.18%，实现归母净利润 4.32 亿元，同比增长 20.76%，实现扣非净 利润 4.2 亿元，同比增长 18.59%。 多引擎协同发力，智能算力产品与服务成为新增长极。公司以"物联生态" 为核心战略，构建"算力底座+云端服务+智能终端"三位一体的全球化产 业体系。分产品来看，上半年物联网智能终端业务实现收入 8.75 亿元，同 比-11.61%，数据存储设备实现收入 18.35 亿元，同比-5.27%，服务器及 周边再制造实现收入 8.35 亿元，同比+119.49%，智能算力及产品服务实 现收入 12.21 亿元，同比+100%。公司上半年 3 月和 5 月分别公布拟购 买 30 亿和 40 亿服务器，用于算力租赁业务，预计将为公司收入增长带来 重大贡献。 前瞻布局机器人领域，打造先进工具与平台。公司积极布局服务机器人领 域，打造涵盖机器狗、人形机器人等 ...

Group 1 - The current credit market shows a stronger "anti-drawdown" characteristic compared to previous years, with credit adjustments being more synchronized with interest rate adjustments in 2025 [1][9][28] - The recent relative restraint in credit adjustments may be attributed to a stable liquidity environment and reduced pressure on the liability side of wealth management products [10][11] - The expansion of the Sci-Tech Innovation Bond ETF has slowed down, leading to decreased trading activity and liquidity in the market [2][15] Group 2 - The synchronization of credit and interest rate adjustments indicates a waiting period for interest rates to stabilize, with potential signals for credit investment once rates stabilize [3][25] - Seasonal factors suggest a higher probability of market weakness in September, but the extent of credit adjustments may be limited due to lower financing demand and expectations for incremental policy support [25][28] - The recent widening of credit spreads has been relatively limited, with adjustments mostly within 10 basis points, indicating insufficient "cost-effectiveness" for investors [4][31]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 7.09 billion and a year-on-year increase of 11.9%. The net profit attributable to shareholders was 1.06 billion, up 23.0% year-on-year [1]. - The negative electrode segment is expected to see both volume and profit growth due to the release of advanced capacity and high-quality new products [2]. - The company achieved a significant increase in the sales volume of coated separators, maintaining a leading market share [3]. - Active research and development of new technologies are establishing the company's differentiated product advantages [4]. Financial Performance - In the first half of 2025, the company reported a gross margin of 32.1%, an increase of 2.5 percentage points year-on-year, and a net profit margin of 16.5%, up 0.8 percentage points year-on-year [1]. - The company expects net profits to grow significantly in the coming years, with projections of 2.48 billion, 3.08 billion, and 3.69 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 108.5%, 23.9%, and 20.0% [4][5]. Product Development and Market Position - The company has successfully developed several innovative products, including high-capacity and fast-charging negative electrode materials, which are entering mass production [2]. - The company is the only global player that integrates the "process, equipment, and materials" for separators, achieving a sales volume of 4.77 billion square meters in the first half of 2025, a year-on-year increase of 63.9% [3]. - New product layouts are expected to contribute to revenue growth, with ongoing developments in solid-state batteries and composite materials [4].

Quantitative Models and Construction Valuation Spread-Based Style Factor Model - **Model Name**: Valuation Spread-Based Style Factor Model - **Model Construction Idea**: This model uses the valuation spread between long and short groups of a factor (e.g., BP) to construct a style factor's odds indicator. It emphasizes a "left-side" signal characteristic, meaning "buy when it drops significantly, sell when it rises significantly" [7][11] - **Model Construction Process**: 1. Select a factor and sort stocks by factor values into five groups (industry-neutral, grouping within each industry and then merging) to determine the long and short groups [11] 2. Calculate the median log(BP) for the long and short groups, where log transformation ensures BP follows a normal distribution [11] 3. Compute the raw valuation spread as the difference between the median log(BP) of the long group and the short group [11] 4. Standardize the raw valuation spread using a rolling six-year z-score [11] - **Model Evaluation**: The valuation spread demonstrates a certain degree of differentiation in predicting the future one-year returns of style factors. It is more suitable for identifying left-side signals [7] --- Quantitative Factors and Construction Dividend Yield Factor - **Factor Name**: Dividend Yield Factor - **Factor Construction Idea**: Represents the valuation spread of the dividend yield factor, indicating the relative attractiveness of value-oriented stocks [14] - **Factor Construction Process**: Constructed using the valuation spread methodology described above, with the dividend yield as the underlying factor [14] PB Factor - **Factor Name**: PB Factor - **Factor Construction Idea**: Represents the valuation spread of the price-to-book ratio (PB), reflecting the relative valuation of value-oriented stocks [14] - **Factor Construction Process**: Constructed using the valuation spread methodology described above, with PB as the underlying factor [14] PE Factor - **Factor Name**: PE Factor - **Factor Construction Idea**: Represents the valuation spread of the price-to-earnings ratio (PE), indicating the relative valuation of value-oriented stocks [14] - **Factor Construction Process**: Constructed using the valuation spread methodology described above, with PE as the underlying factor [14] Quality Factor - **Factor Name**: Quality Factor - **Factor Construction Idea**: Represents the valuation spread of the ROE factor, typically associated with "core assets" like high-quality companies [20] - **Factor Construction Process**: Constructed using the valuation spread methodology described above, with ROE as the underlying factor [20] Low Volatility Factor - **Factor Name**: Low Volatility Factor - **Factor Construction Idea**: Represents the valuation spread of low-volatility stocks, often linked to "stable assets" [20] - **Factor Construction Process**: Constructed using the valuation spread methodology described above, with volatility as the underlying factor [20] Momentum Factor - **Factor Name**: Momentum Factor - **Factor Construction Idea**: Represents the valuation spread of momentum stocks, often associated with stocks heavily held by public funds [20] - **Factor Construction Process**: Constructed using the valuation spread methodology described above, with momentum as the underlying factor [20] --- Backtesting Results of Factors Valuation Spread-Based Style Factor Model - **Odds Indicator**: Demonstrates differentiation in predicting future one-year returns of style factors, with higher odds indicating better opportunities [7][8] Dividend Yield Factor - **Odds**: 0.47 standard deviations, categorized as medium odds [14] PB Factor - **Odds**: 0.63 standard deviations, categorized as medium-high odds [14] PE Factor - **Odds**: 0.82 standard deviations, categorized as medium-high odds [14] Quality Factor - **Odds**: 1.17 standard deviations, categorized as high odds [20] Low Volatility Factor - **Odds**: 1.75 standard deviations, categorized as very high odds [20] Momentum Factor - **Odds**: -1.36 standard deviations, categorized as low odds [20]