2025 年 09 月 01 日 智度股份(000676.SZ) 收入端具备经营韧性，毛利率略有承压 事件： 公司发布 2025 年中报，2025 年上半年实现收入 21.14 亿，同增 48.17%；实现归母净利润为 0.82 亿，同降 18.81%。 收入端具备经营韧性，毛利率略有承压。在全球广告市场疲软 背景下，公司 2025 年上半年营收端增速可观，但受到数字营销业 务竞争影响毛利率端承压，2025H1 公司综合毛利率为 15.45%，同 比下降 2.24pct。费用端，2025H1 销售费用率、管理费用率、研 发费用率分别为 2.6%、4.74%、3.67%，较 2024 年变动为-0.78pct、 +0.49pct、-0.11pct，体现出较强的控费能力。受毛利率下滑影 响，利润端有所下降，2025H1 实现归母净利润 0.82 亿，同降 18.81%。 互联网媒体业务多元化运营，移动端及浏览器业务增长显著。 公司在移动端推出工具、生活方式等 6 款产品，用户数持续增长， 同时带动移动端业务收入及毛利的显著提升，2025H1 移动端业务 实现收入 3.52 亿，同增 91%，实现毛利 1.1 亿， ...

2025 年 09 月 01 日 分众传媒(002027.SZ) 降本能力突出，关注与"碰一碰"合作 及新潮整合进展 事件： 公司发布 2025 年中报，2025H1 实现营业收入 61.12 亿，同增 2.43%； 实现归母净利润 26.64 亿，同增 6.87%。 互联网客户驱动收入增长，毛利率显著提升。分季度来看， 2025Q2 实现收入 32.55 亿元，同增 0.52%，环比增长 13.9%；分 品类来看，日用消费品收入有所下降（yoy-10.97%），但互联网收 入显著增长（yoy+89.22%），经营具备韧性。点位优化推动成本端 大幅下降，截止 2015 年 7 月底，公司共有媒体点位 297.2 万，较 2024 年底减少 3.7%，推动营业成本下降，2025Q2 单季度成本为 9.3 亿，继 2023Q1 之后首次单季度营业成本回到 10 亿内。进一 步，2025Q2 毛利率提升至 71.43%，环比提升 6.72pct。 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1 短期看宏观经济回暖，收入端仍有修复空间。公司持续体现经 营韧性，且具有较强降本控费能力，商业模式也为强经 ...

2025 年 08 月 31 日 TCL 智家(002668.SZ) 资料来源：Wind 资讯 升幅% 1M 3M 12M 相对收益 -4.1 -13.5 -12.1 绝对收益 4.2 3.0 25.1 余昆 分析师 SAC 执业证书编号：S1450521070002 yukun@essence.com.cn 陈伟浩 分析师 SAC 执业证书编号：S1450523050002 chenwh3@essence.com.cn 相关报告 -10% 0% 10% 20% 30% 40% 50% 2024-09 2024-12 2025-04 2025-08 TCL智家 沪深300 Q2 单季收入稳健增长：公司分区域来看，1）H1 TCL 智家外销 收入 YoY+9.0%，公司加大品牌业务推广力度，海外自有品牌业务 同比增速达 66%，东南亚、拉美和中东等区域均实现 70%以上的增 长。我们推断，Q2 公司外销延续增长态势。据产业在线数据显示， Q2 奥马+TCL 冰箱合计外销量 YoY+2.1%，TCL 洗衣机外销量 YoY+4.5%。2）H1 TCL 智家内销收入 YoY-3.6%。受国补和行业线 上价格竞争影响， ...

2025 年 08 月 31 日 生物医药Ⅱ 新药周观点：Biotech 2025 年中报总 结，板块整体有望于 2026 年扭亏 本周新药行情回顾： 2025 年 8 月 25 日-2025 年 8 月 29 日，新药板块涨幅前 5：艾力 斯（+25.6%）、迈威生物（+22.4%）、科笛（+20.8%）、和铂医 药（+18.3%）、荣昌生物（+15.1%）；跌幅前 5：康宁杰瑞（-14.3%）、 乐普生物（-14.7%）、创胜集团（-16.75%）、药明巨诺（-16.57%）、 欧康维视（-21.3%）。 本周建议关注标的： 板块后续仍有多个催化值得期待，包括学术会议、多个 BD 兑现、医 保谈判、商保创新药目录，仍建议关注： 1）下一个可能海外授权 MNC 的重磅品种： 差异化 GLP-1 资产：众生药业、歌礼制药、博瑞医药、康缘药业 PD-1 升级版产品：康方生物及其他 PD-1/VEGF 资产、信达生物 自免领域新突破：益方生物、中国抗体 2）已获 MNC 认证未来海外放量确定性高的品种： PD-1 升级版产品：三生制药 GLP-1 资产：联邦制药 ADC 资产：科伦博泰、百利天恒 3）医保谈判&商 ...

2025 年 08 月 31 日 计算机 "人工智能+"政策全文解读 总体要求：聚焦智能终端和智能体的应用普及度 8 月 26 日，中国政府网发布《国务院关于深入实施"人工智能+"行 动的意见》（以下简称"意见"）的全文。《意见》要求"到 2027 年， 率先实现人工智能与 6 大重点领域广泛深度融合，新一代智能终端、 智能体等应用普及率超 70%，智能经济核心产业规模快速增长；到 2030 年，新一代智能终端、智能体等应用普及率超 90%；到 2035 年， 我国全面步入智能经济和智能社会发展新阶段"。我们认为，《意见》 总体更强调人工智能的应用落地，也明确了人工智能的使用渗透率， 为人工智能产业发展指明方向。 明确六大重点领域，人工智能有望在各行各业加速落地 1）AI+科学技术：关注和量子科技的结合。《意见》指出"加强人工 智能与生物制造、量子科技、第六代移动通信（6G）等领域技术协同 创新"，关注量子科技产业和人工智能的结合，以及多算融合算力中 心的建设；2）AI+产业：重点围绕企业服务、工业和农业三大方向。 AI+企业服务（鼓励有条件的企业将人工智能融入战略规划、组织架 构、业务流程等，推动产业全要素 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 75.3 CNY, compared to the current stock price of 47.69 CNY [5][8]. Core Insights - The company experienced a temporary pressure on its Q2 2025 performance, with revenue of 2.526 billion CNY, a year-on-year increase of 19.66% but a quarter-on-quarter decrease of 4.25%. The net profit attributable to shareholders was 252 million CNY, up 1.8% year-on-year but down 6.8% quarter-on-quarter [1][2]. - The next-generation braking technology, EMB, has seen regulatory progress that exceeds expectations, positioning the company as a core player in the EMB sector. The new regulations will take effect on January 1, 2026, and the company has successfully developed its first functional EMB prototype [3]. - The company is accelerating its global customer expansion, with ongoing capacity expansion at its Mexico plant [4]. Financial Performance - The company forecasts net profits of 1.52 billion CNY, 2.02 billion CNY, and 2.71 billion CNY for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 19, 14.3, and 10.7 [5][14]. - In Q2 2025, the company reported a gross margin of 19.19%, with a year-on-year decrease of 1.56 percentage points and a quarter-on-quarter increase of 1.22 percentage points. The main business gross margin was 17.24%, reflecting improved profitability despite cost pressures [12]. - The company’s sales volume for smart electronic control in Q2 2025 was 1.4 million sets, a year-on-year increase of 30%, while the sales volume for disc brakes was 870,000 sets, up 22% year-on-year [12]. Capacity and Production - The Mexico plant has achieved a production capacity of 4 million sets for steering knuckles, with plans for further expansion to include 5.5 million sets of aluminum steering knuckles and additional capacities for control arms and EPB [13]. - The company has secured contracts with a North American electric vehicle manufacturer and a German joint venture for lightweight projects, with expected total sales revenues of approximately 1.22 billion USD and 600 million CNY, respectively [13].

2025 年 08 月 31 日 震荡而已，或类似但好于 2020 年 7 月中下旬 本期要点：震荡而已，或类似但好于 2020 年 7 月中下旬 上期提到，前期市场涨速加快，短期或有可能触发超涨阈值，但还有 待观察确认。事后来看，在不同的观察指标中，温度计指标一度触发 高位预警，但随即因为市场进入震荡调整而消除，算是基本符合预期。 前期提到，参考历史牛熊转换规律，本轮自 7 月初以来的上涨或类似 于 2020 年 6 月及以后的上涨。具体到当前时点，或可参考 2020 年 7 月中下旬的走势。当时市场因为过快放量上涨，大盘指数随即转入高 位震荡格局，但最终选择了向上突破。 当前大盘的风险溢价指标已经在布林带下轨停留了接近 1 周时间， 且市场整体的温度计水平已经不低，当前再快速拉升的话很容易触发 基于历史数据测算的超涨阈值，所以近期也有望甚至已明确转入区间 震荡状态。 对于沪深 300 或国证 A 指等指数，当前风险溢价指标并未到达布林 带下轨，而且当前的中期趋势指标好于 2020 年 7 月，因此当前或仅 将震荡而已，整体走势或将好于 2020 年月中下旬之后的走势。 板块结构上，从拥挤度和行业分化程度看 ...

Investment Rating - The investment rating for Postal Savings Bank is "Buy-A" with a target price of 7.03 CNY for the next six months [7]. Core Views - The report highlights that the bank's performance in the first half of 2025 showed a revenue growth of 1.50% year-on-year, with a pre-provision profit growth of 14.62% and a net profit growth of 0.85%. The growth was supported by cost reduction and expansion of interest-earning assets, although tax increases and narrowing net interest margins posed challenges [2][14]. - The bank's total assets grew by 10.83% year-on-year, with a significant increase in loans, particularly in corporate lending, which grew by 17.74% year-on-year. Retail lending showed resilience, primarily driven by small personal loans [3][4][12]. - The bank's net non-interest income increased by 23.83% year-on-year, driven by a significant rise in fees and commissions, as well as investment income [13]. Summary by Sections Financial Performance - In the first half of 2025, the bank's total assets increased by 10.83% year-on-year, with a net increase of 501.1 billion CNY in total assets [2]. - The bank's net interest margin for the first half of 2025 was 1.70%, showing a decline of 21 basis points year-on-year, but remained competitive within the industry [12]. - The bank's non-performing loan ratio was 0.92% at the end of the first half of 2025, indicating stable asset quality [14]. Loan and Deposit Growth - Corporate loans increased by 17.74% year-on-year, with significant contributions from general corporate loans and infrastructure projects [3]. - Retail loans grew by 3.69% year-on-year, with a focus on rural revitalization and support for small businesses [3][4]. - Total liabilities grew by 10.66% year-on-year, with deposits increasing by 8.37% [4]. Cost and Income Structure - The cost-to-income ratio improved to 52.76%, a decrease of 7.79 percentage points year-on-year, reflecting better operational efficiency [13]. - The bank's interest-earning asset yield was 2.95%, with a slight decline, but showed resilience due to effective credit management [12]. Capital and Future Outlook - The bank successfully completed a 130 billion CNY capital increase, alleviating capital constraints and allowing for further asset expansion [13]. - The report forecasts a revenue growth of 1.43% and a net profit growth of 2.65% for 2025, supported by strategic lending and cost management initiatives [14].

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a target price of 116.54 CNY over the next six months [4][6]. Core Views - The company has experienced significant growth in revenue and net profit, with a 113.06% year-on-year increase in revenue to 839.39 billion CNY and a 46.30% increase in net profit to 18.89 billion CNY in the first half of 2025 [1][2]. - The global investment in AI computing power is accelerating, with major tech companies expanding their AI product offerings, which is expected to drive demand for the company's products [2][3]. - The high-performance computing segment is rapidly developing, establishing the company as a core supplier for several well-known clients, particularly in the personal computer and data product sectors [3]. Financial Projections - Revenue projections for the company are 1,483.35 billion CNY in 2025, 1,780.02 billion CNY in 2026, and 2,100.43 billion CNY in 2027, with corresponding net profits of 39.47 billion CNY, 48.37 billion CNY, and 59.01 billion CNY respectively [4][8]. - The company is expected to achieve a price-to-earnings (PE) ratio of 30 times in 2025, indicating strong future earnings potential [4][8]. Market Position - The company is well-positioned in the smart hardware industry, with a diverse product line that includes smart terminals, high-performance computing, automotive and industrial products, and AIoT devices [2][3]. - The report highlights the company's ability to leverage synergies across its product lines, particularly in the tablet and smartphone sectors, enhancing its competitive edge [3]. Stock Performance - As of August 29, 2025, the company's stock price is 98.35 CNY, with a market capitalization of approximately 99.9 billion CNY [6]. - The stock has shown strong relative performance, with a 12-month return of 83.0% [7].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 475.6 CNY per share, maintaining the rating [6]. Core Views - The company reported a robust revenue growth of 30.86% year-on-year, achieving 16.142 billion CNY in revenue for the first half of 2025, with a net profit of 3.208 billion CNY, reflecting a 15.37% increase [1]. - The increase in orders has driven revenue growth, with a gross margin of 42.17%, although it decreased by 3.33 percentage points year-on-year [2]. - The company completed the acquisition of ChipSource Micro, enhancing its product line in semiconductor equipment, particularly in lithography process equipment, which creates strong synergies with existing operations [10]. Financial Performance - In the first half of 2025, the company's revenue from electronic process equipment reached 15.258 billion CNY, a year-on-year increase of 33.89%, with a gross margin of 41.70% [3]. - The revenue from electronic components decreased by 17.47% year-on-year to 868 million CNY, with a gross margin of 50.43% [3]. - The company expects continued revenue growth in the semiconductor equipment sector due to domestic IC localization trends and benefits from technological iterations in the photovoltaic and new energy industries [3]. Future Projections - Revenue projections for the company are estimated at 39.09 billion CNY, 48.86 billion CNY, and 59.61 billion CNY for 2025, 2026, and 2027 respectively, with net profits of 7.30 billion CNY, 9.39 billion CNY, and 11.98 billion CNY for the same years [10][12].