Investment Rating - The investment rating for the company is "Accumulate" [4][7]. Core Views - The company reported a revenue of 2.07 billion yuan in H1 2025, representing a year-on-year increase of 11.0%, but the net profit attributable to shareholders decreased by 46.5% to 110 million yuan [1]. - The small home appliances and automotive parts segments showed strong performance, with the automotive parts business achieving a revenue increase of 89.9% year-on-year in H1 2025 [2]. - The gross margin and net margin have declined due to U.S. tariff policies and price pressures in the home appliance industry, with gross margins at 14.0% and 12.3% for H1 and Q2 2025, respectively [3]. Financial Performance - In H1 2025, the home appliance segment generated 1.74 billion yuan in revenue, a 6.0% increase year-on-year, while the small appliance sales increased by 19.8% to 810 million yuan [2]. - The company expects gradual recovery in profitability due to strong overseas demand and the release of new production capacity in Vietnam [3]. - The profit forecast for 2025-2027 has been adjusted, with net profits projected at 410 million, 520 million, and 646 million yuan, reflecting growth rates of 0.8%, 25.6%, and 24.2%, respectively [4].

证券研究报告 | 半年报点评 gszqdatemark 2025 08 31 年 月 日 富安娜（002327.SZ） 电商渠道：2025H1 电商业务营收降幅较小，产品结构优化带动毛利率提升。 2025H1 公司电商业务营收同比下降 5.01%至 5 亿元，毛利率同比提升 2.89pcts 至 49.41%，电商毛利率持续提升，展望 2025H2 公司将重点聚焦大单品战略，集 中资源加大大单品推广力度，同时通过精细化运营提升大单品市场占有率和毛利 率。 公司推动库存去化以及应收账款回流，2025H1 经营活动现金流大幅增长。截止 2025H1 公司存货金额同比下降 6.6%至 7.6 亿元（较年初持平），公司应收账款金 额同比增长 10.9%至 2.8 亿元（较年初下降 50%），面对波动的消费环境，公司加 大库存管控力度，同时持续推进应收账款回流，2025H1 公司经营性现金流净额同 比大幅增长 210.8%至 2.9 亿元。 展望 2025 全年，我们预计公司业绩下滑 30%左右。家纺品类作为可选性较强的 品类，需求恢复速度相对较慢，同时 2025 年富安娜持续推进库存去化，结合上半 年的经营表现，我们 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 31 年 月 日 天融信（002212.SZ） 二季度实现扭亏，积极推进"AI+安全"战略 事件：公司发布 2025 年中报，上半年公司实现营业收入 8.26 亿元，同比 -5.38%；实现归母净利润-0.65 亿元，亏损同比收窄 68.56%；Q2 单季度 实现营业收入 4.91 亿元，同比+8.72%；实现归母净利润 370 万元，同比 实现扭亏。 收入质量提升，提质增效成果显著。2025 年上半年公司毛利率 67.41%， 同比上升 4.11pct，主要原因是公司聚焦核心业务，控制低毛利项目，安 全收入占总营收的比重提升。公司提质增效成果显著：1）研发费用侧前几 年公司在新方向新技术的布局和投入已基本完成，目前研发费用处于较 低、较稳定时期。2）管理精细化。公司通过加强考核、提高培训能力、组 织优化、精细化控制日常费用等管理举措，费用持续控制。3）使用 AI 技 术在研发和管理方面不断提质增效。如 AI 赋能贯穿"开发-测试-方案-运 营"全周期，使产品研发、服务运营效率同步跃迁。上半年公司研发费用 率 36.26%，同比下降 4. ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 31 年 月 日 业绩稳健增长，龙头竞争力有望持续提升 公司发布 2025 年半年报。2025 年上半年，公司实现营业收入 117.22 亿 元，同比-0.3%；归母净利润 8.8 亿元，同比+10.3%；扣非归母净利润 8.57 亿元，同比+9.1%。2025Q2，公司实现营业收入 57.13 亿元，同比 -1.4%；归母净利润 4.31 亿元，同比+10.1%；扣非归母净利润 4.19 亿 元，同比+8.5%。 经营稳步推进，龙头优势持续加强。2025 年上半年公司毛利率为 40.47%， 同比提高 0.42pct；公司净利率为 8.07%，同比提高 0.76pct。2025Q2 公 司毛利率为 41.34%，同比提高 0.46pct；公司净利率为 7.92%，同比提高 0.77pct。公司坚持直营为主的营销模式，区域拓展以"巩固中南华东华北， 拓展全国市场"为发展目标，立足于中南华东华北市场，在上述区域密集 开店，形成旗舰店、区域中心店、中型社区店和小型社区店的多层次门店 网络布局，深耕区域市场，通过门店网络广度和深度扩展，品牌渗透 ...

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [2]. Core Views - The report highlights a bullish outlook for precious metals, particularly silver, driven by rising interest rate cut expectations and a weakening dollar, with silver prices reaching new highs [1][34]. - For industrial metals, the report is optimistic about copper prices due to macroeconomic easing and seasonal demand, while aluminum prices are expected to fluctuate in the short term [1][4]. - Energy metals, particularly lithium, are experiencing price declines amid weaker market sentiment, although demand remains stable due to seasonal factors [1][24]. Summary by Sections Precious Metals - Silver prices have surged, with COMEX silver reaching $40.75 per ounce, marking a significant technical breakout [1][34]. - Gold prices are also approaching $3,500 per ounce, with expectations of inflation rising in the U.S. economy [1][34]. Industrial Metals - Copper: The report anticipates a price increase due to macroeconomic easing and seasonal demand, with global refined copper production expected to rise by 3.6% year-on-year [1][4]. - Aluminum: The report notes a slight increase in theoretical operating capacity in China's aluminum industry, but anticipates price fluctuations due to mixed production adjustments [1][4]. Energy Metals - Lithium: Prices have declined, with battery-grade lithium carbonate dropping to 80,000 yuan per ton, while production and inventory levels are also decreasing [1][24]. - Metal Silicon: The report indicates stable supply and demand dynamics, with short-term price fluctuations expected [1][24]. Key Stocks - The report recommends several stocks in the non-ferrous metals sector, including: - Shandong Gold (Buy) with an EPS forecast of 1.75 yuan for 2027 [3]. - Chifeng Jilong Gold Mining (Buy) with an EPS forecast of 2.01 yuan for 2027 [3]. - China Hongqiao Group (Buy) with an EPS forecast of 2.83 yuan for 2027 [3].

Investment Rating - The report suggests a positive outlook for the computing industry, indicating that the sector is significantly undervalued, particularly in computing services [1][16][31]. Core Insights - The computing service sector has seen hardware investments surge, with representative hardware stocks experiencing price increases of over 100%, and some even reaching 200-300% [1][11]. - Major companies like Microsoft, Meta, and Google have significantly increased their capital expenditures, indicating strong demand for computing infrastructure [12][13][14]. - Domestic semiconductor manufacturer SMIC is expanding its production capacity, contributing to a favorable outlook for the domestic computing supply chain [14][15]. - Alibaba is expected to correct its cloud service expectations, with its capital expenditures reaching a historical high and AI-related product revenues growing significantly [18][19][20]. Summary by Sections Computing Market Dynamics - The computing hardware market has seen substantial growth, with many stocks increasing by over 100% since June [1][11]. - The demand for computing services, including cloud services and data centers, remains strong, with growth rates for these services lagging behind hardware [16][31]. Major Players and Developments - CoreWeave has successfully validated the computing rental business model, demonstrating a shift from capital expenditures (Capex) to operational expenditures (Opex) among clients [24][26]. - Equinix is expanding its data center operations globally, showing improved operational efficiency and profitability [27][29]. - Oracle's cloud business is experiencing significant growth, with a projected increase in cloud infrastructure revenue [30]. Investment Opportunities - The report highlights several companies to watch in the core computing sector, computing rental, cloud services, and IDC providers, indicating potential investment opportunities [7][31][32].

AI 网络：聚焦 Scale up 中光的新增量 证券研究报告 | 行业周报 gszqdatemark 2025 08 31 年 月 日 通信 英伟达最新财报再次强化全球 AI 算力扩张预期，带动上游光模块、光 连接相关产业链估值提升。国内市场演绎路径正从"业绩兑现"向"预 期放大"过渡，形成二次行情。Scale up 趋势下，光通信产业迎来新 一轮增长机遇，技术迭代与需求升级共同推动行业迈向新阶段。 【英伟达财报强化 AI 预期，光模块板块受益】 【中国海外算力产业链从"业绩兑现"到"预期放大"】 中国海外算力产业链正从"业绩兑现"迈向"预期放大"的二次行情 阶段。中国公司凭借规模制造能力，满足海外云巨头对高速光模块、 交换设备的需求，在更前沿的网络技术（如 1.6T/CPO/LPO）、网络架 构（Scale-up/Scale-out）中扮演关键角色。 增持（维持） 行业走势 -10% 18% 46% 74% 102% 130% 2024-08 2024-12 2025-04 2025-08 通信 沪深300 作者 分析师 宋嘉吉 执业证书编号：S0680519010002 邮箱：songjiaji@gsz ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company has significantly reduced its losses and is entering a new phase of growth, with a revenue of 700 million yuan in 2025H1, representing a year-on-year increase of 22.3% [1]. - The company is focused on the "AI + Manufacturing" sector, launching a comprehensive range of AI products and solutions that span the entire manufacturing chain [1][2]. - The company is expected to achieve a revenue of 1.5 billion, 1.9 billion, and 2.2 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 19.6%, 27.6%, and 20.6% [3][12]. Financial Performance - The company recorded a non-GAAP net loss of 7 million yuan in 2025H1, a reduction of 82.1% year-on-year, with a non-GAAP net loss margin of approximately 1.0% [1]. - The projected non-GAAP net profit for 2025, 2026, and 2027 is 5 million, 61 million, and 144 million yuan, respectively, indicating substantial growth [3][12]. - The company’s revenue is expected to recover from a decline in 2024, with a forecasted revenue of 1.462 billion yuan, up from 1.222 billion yuan in 2024 [5][12]. Market Position - The company ranks third in the Chinese computer vision and machine learning platform markets, and seventh in the large model application market according to IDC data [1]. - Strategic partnerships have been established with industry leaders such as Bentley, KUKA, and Alibaba DingTalk to expand the AI + manufacturing ecosystem [2].

证券研究报告 | 行业周报 gszqdatemark 2025 08 31 年 月 日 建筑材料 上海地产优化政策出台，但仍需更多政策落地 2025 年 8 月 25 日至 8 月 29 日建筑材料板块（SW）下跌 2.02%，其中 水泥（SW）下跌 3.21%，玻璃制造（SW）下跌 2.52%，玻纤制造（SW） 上涨 4.90%，装修建材（SW）下跌 4.52%，本周建材板块相对沪深 300 超额收益-2.63%。本期建筑材料板块（SW）资金净流入额为-20.15 亿元。 【周数据总结和观点】 本周上海六部门联合印发《关于优化调整本市房地产政策措施的通知》， 包括调减住房限购、优化住房公积金、优化个人住房信贷以及完善个人住 房房产税等政策，按《通知》规定，沪籍居民家庭和沪籍成年单身人士， 在外环外购买住房不限套数；在外环内限购 2 套住房。非沪籍居民家庭和 非沪籍成年单身人士，自购房之日前在本市连续缴纳社会保险或个人所得 税满 1 年及以上的，在外环外购买住房不限套数；自购房之日前在本市连 续缴纳社会保险或个人所得税满 3 年及以上的，在外环内限购 1 套住房。 根据 wind 统计，2025 年 7 月地 ...

证券研究报告 | 行业周报 gszqdatemark 2025 08 31 年 月 日 房地产开发 2025W35：本周新房成交同比-5.9%，上海优化调整购房政策 增持（维持） 行业走势 上海调整房地产限购、房贷利率、税收、公积金等政策，预计将助力外围 库存去化和提升改善性住房的需求。具体来看，1、新政定向放松了外环 外限购，对于符合购房条件的居民家庭（包含上海户籍和满足社保个税年 限的非上海户籍），在外环外购房不限套数。同时对成年单身人士按照居 民家庭执行住房限购政策。2、住房公积金最高贷款额度上浮，同时允许公 积金"又提又贷"。3、在利率定价机制安排方面不再区分首套住房和二套 住房。本次上海购房政策的调整在北京之后，整体力度符合我们预期，我 们预计将助力外围库存去化和提升改善性住房的需求。往后看，深圳购房 政策也有望跟进调整。 行情回顾：本周申万房地产指数累计变动幅度为-0.1%，落后沪深 300 指 数 2.77 个百分点，在 31 个申万一级行业排名第 16 名。 新房：本周 30个城市新房成交面积为181.0万平方米，环比提升14.3%， 同比下降 5.9%，其中样本一线城市的新房成交面积为 43 ...