证券研究报告 | 2025年09月04日 拓普集团（601689.SH） 优于大市 二季度营收同环比提升，汽车、机器人及液冷业务持续突破 二季度营收同比提升，大客户销量短期承压影响业绩释放。2025 年上半年拓 普集团实现营收 129.4 亿元，同比+5.8%，归母 12.95 亿元，同比-11.1%； 单季度看，25Q2 营收 71.7 亿元，同比+9.7%，环比+24.3%，归母净利润 7.3 亿元，同比-10.0%，环比+29.0%；扣非利润 6.7 亿元，同比-3.6%。 研发投入持续，毛利率短期承压，下半年量利有望回升。费用层面，25Q2 公司销售/管理/研发费用率 0.9%/2.6%/5.1%，同比-0.2/+0.2/+0.8pct，环 比-0.3/-0.7/-0.9pct，其中研发费用提升预计主要系新产品（机器人、汽 车电子相关）和新技术的持续投入；25Q2 公司毛利率 19.3%，同比-1.1pct， 环比-0.6pct，预计主要系产品结构变化、规模效应缩窄（25H1 固定资产开 支 15.6 亿元，折旧摊销占营收比 7.7%，同比+1.24pct）等因素所致；展望 Q3，赛力斯、小米、吉利、 ...

证券研究报告 | 2025年09月04日 零跑汽车（09863.HK） 优于大市 2025H1 营收大幅增长，实现半年度盈利 零跑汽车 2025 年上半年收入同比大幅增长，净利润 0.3 亿元首次实现半年 度转正。零跑汽车上半年收入 242.5 亿元，同比增长 174%，主要原因是：整 车及备件交付量的增加；战略合作、碳积分交易带来的收入增加；整车交付 量增长带动相关服务收入的增加。零跑汽车 2025 年 H1 归母净利润 0.33 亿 元，相比 2024 年同期的-22.1 亿元，首次实现半年度扭亏为盈。2025 年 Q2 单季度营收 142.3 亿元，环比增长 42%；Q2 单季度归母净利润 1.63 亿元， 一季度净利润-1.3 亿元，环比显著扭亏。 2025 年 H1 毛利率 14.13%，半年度毛利率新高。零跑汽车 2025 年上半年毛 利率 14.13%,较 2024 年同期的 1.1%提升 13 个百分点，同比增加的主要原 因是：销量上升带来的规模效应；持续进行的成本管理工作；产品组合的优 化；其他业务产生的收益。2025 上半年 SG%A 费用率、研发费用率分别为 9.05%、7.81%，期间 ...

The provided content does not contain any specific quantitative models or factors, nor does it include their construction processes, formulas, evaluations, or backtesting results. The documents primarily focus on market performance, sector analysis, investor sentiment, ETF premiums/discounts, institutional activity, and other market-related data. There is no mention of quantitative models or factors that meet the criteria outlined in the task.

证券研究报告 | 2025年09月04日 玲珑轮胎（601966.SH） 优于大市 上半年营收同比增长 14%，塞尔维亚工厂放量可期 上半年营收同比增长 14%，利润端受关税和成本波动干扰。玲珑轮胎 2025 年上半年营收 118.1 亿元，同比+13.8%，归母净利润 8.5 亿元，同比-7.7%， 扣非 7.7 亿元，同比-16.9%；25Q2 营收 61.2 亿元（25Q2 轮胎销量同比+9.8%， 销售收入同比+15.6%），同比+14.6%，环比+7.3%，归母净利润 5.1 亿元， 同比+6.1%，环比+40.9%，扣非 4.9 亿元，同比-1.7%，环比+75.9%；产品层 面，由于市场结构变化+公司内部产品结构调整，25Q2 轮胎产品价格环比 +0.3%，同比+5.2%，整体来看关税及成本因素短期压制盈利释放。 静待海外工厂产能释放带来的经营上行周期。25H1 玲珑泰国工厂营收 21.1 亿元，同比+5.0%，净利润 4.1 亿元，同比-15.3%，预计主要系原材料高价 库存+关税影响盈利；25H1 年塞尔维亚工厂营收 1.2 亿元，同比+148.1%，净 利润-1.3 亿元（去年同期-0.5 ...

Group 1: Core Insights - The semiconductor industry continues to improve, with a sustained positive outlook on AI and domestic substitution opportunities [1][7] - Global semiconductor sales reached $179.7 billion in Q2 2025, marking a year-on-year growth of 19.6% and a quarter-on-quarter increase of 7.8% [7][11] - The semiconductor sector's revenue in Q2 2025 grew by 15.2% year-on-year and 14.4% quarter-on-quarter, with notable growth in digital chip design and semiconductor equipment [5][45] Group 2: Financial Data Analysis - In Q2 2025, the net profit attributable to shareholders in the semiconductor sector increased by 30.3% year-on-year and 56.7% quarter-on-quarter, with significant contributions from discrete devices and analog chip design [5][48] - The gross margin for the semiconductor sector in Q2 2025 was 27.2%, reflecting a 0.8 percentage point increase from the previous quarter and a 1.3 percentage point increase year-on-year [5][57] - The operating capability indicators showed improvement, with inventory turnover days decreasing to 175 days and accounts receivable turnover days decreasing to 64 days in Q2 2025 [6] Group 3: Market Trends and Investment Strategy - The semiconductor (Shenwan) index rose by 36.66% from the beginning of 2025 to August 31, outperforming the CSI 300 index by 22.38 percentage points [3][16] - The report emphasizes the importance of AI as a significant growth driver for the semiconductor industry, with recommendations to focus on companies involved in computing power and edge chips [11] - The trend of domestic substitution is highlighted as a critical opportunity for local semiconductor companies, with continuous revenue growth observed across the sector [11][41]

证券研究报告 | 2025年09月04日 江海股份（002484.SZ） 优于大市 超级电容、铝电解电容有望在 AI 服务器中广泛应用 公司单季度营收再创历史新高。1H25 公司实现营收 26.94 亿元(YoY +13.96%)；归母净利润 3.58 亿元(YoY +3.19%)；扣非净利润 3.44 亿元(YoY +8.96%)。对应 2Q25 公司实现营业收入 15.36 亿元(YoY +17.02%，QoQ +32.69%)；归母净利润 2.06 亿元(YoY -1.92%，QoQ +35.82%)；扣非净利润 2.07 亿元(YoY +10.54%，QoQ +51.01%)。盈利能力上，1H25 公司毛利率为 24.93%(YoY -0.01pct)；净利率为 13.42%(YoY -1.46pct)。 AI 服务器高压化带来铝电解电容量、价齐升。1H25 公司铝电解电容营收 22.29 亿元(YoY +16.70%)，毛利率 26.75%（YoY +0.19%)。增长主要源于两 方面：一是光伏领域因 5 月 31 日后上网电价政策由固定价格转为市场化定 价，刺激了抢装需求；二是 UPS 电源、通信 ...

证券研究报告 | 2025年09月04日 华润万象生活（01209.HK） 优于大市 商业航道收入利润贡献双增，首次在中期实现派息率 100% | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 14,767 | 17,043 | 19,135 | 20,957 | 22,577 | | (+/-%) | 22.9% | 15.4% | 12.3% | 9.5% | 7.7% | | 归母净利润(百万元) | 2929 | 3629 | 4082 | 4562 | 4955 | | (+/-%) | 32.8% | 23.9% | 12.5% | 11.8% | 8.6% | | 每股收益（元） | 1.28 | 1.59 | 1.79 | 2.00 | 2.17 | | EBIT Margin | 23.1% | 25.0% | 26.6% | 27.5% | 28.2% | | 净资产收益率（ROE） | 19.4% | 22.4% | 24.7% | ...

证券研究报告 | 2025年09月04日 投资建议：维持 "优于大市"评级。 考虑到 2025 年国内宏观经济承压以及消费疲软，航空客运票价表现低于预 期，我们下调了公司盈利预测，预计 2025-2027 年公司归母净利分别为 10.8 亿元、36.0 亿元、59.7 亿元（2025-2026 年调整幅度分别为-76%/-53%）， 建议关注国内航空出行需求的边际变化，中长期看好民航复苏趋势，维持"优 于大市"评级。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 113,741 | 132,120 | 141,238 | 146,401 | 153,237 | | (+/-%) | 146.7% | 16.2% | 6.9% | 3.7% | 4.7% | | 净利润(百万元) | -8168 | -4226 | 1076 | 3602 | 5967 | | (+/-%) | -78.2% | -48.3% | -125.5% | 234.7% | ...

"新质生产力"系列（十一） 新质生产力投资全景图 策略研究 · 策略深度 | 证券分析师：张立超 | 证券分析师：陈锐 | 证券分析师：王开 | 证券分析师：陈凯畅 | | --- | --- | --- | --- | | 0755-81982881 | 0755-81981573 | 021-60933132 | 021-60375429 | | zhanglichao@guosen.com.cn | chenrui1@guosen.com.cn | wangkai8@guosen.com.cn | chengkaichang@guosen.com.cn | | S0980519050002 | S0980516110001 | S0980521030001 | S0980523090002 | 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 2025年09月04日 证券研究报告 | 请务必阅读正文之后的免责声明及其项下所有内容 • 新质生产力是推动中国经济高质量发展的核心引擎，也是技术革新与产业升级深度融合的产物。相较于传统生产力而言，新质生产力关键在质优，是 由技术性革命突破、生产要素创新性配 ...

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental protection sectors [1][5][20]. Core Views - The construction of the national carbon market is progressing, promoting urban green and low-carbon transformation [1][13]. - The "14th Five-Year Plan" is concluding, while the "15th Five-Year Plan" is in the drafting stage, focusing on energy and electricity policy directions [2][15]. - The report emphasizes the importance of energy security, technological innovation, and green low-carbon development in future policies [16][19]. Summary by Sections Market Review - In August, the CSI 300 index rose by 10.33%, while the public utilities index increased by 2.53% and the environmental index by 5.28% [1][21]. - The environmental sector saw a 5.28% increase, with sub-sectors like thermal power up by 4.69% and new energy generation up by 2.26% [1][22]. Important Events - The Central Committee and State Council issued opinions on advancing green low-carbon transformation and strengthening the national carbon market, aiming for comprehensive coverage of major industrial emissions by 2027 [13][14]. - Policies to promote high-quality urban development include energy conservation and carbon reduction in production sectors [14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [3][20]. - The report suggests that nuclear power companies like China Nuclear Power and China General Nuclear Power will maintain stable profitability [3][20]. - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes [3][20]. - In the environmental sector, companies like China Everbright Environment and Zhongshan Public Utilities are recommended due to improving cash flows [3][20]. Key Company Earnings Forecasts and Investment Ratings - Huadian International: Outperform, EPS 0.49 in 2024, PE 10.8 [7]. - Longyuan Power: Outperform, EPS 0.76 in 2024, PE 22.0 [7]. - China Nuclear Power: Outperform, EPS 0.43 in 2024, PE 20.9 [7]. - China Everbright Environment: Outperform, EPS 0.55 in 2024, PE 8.0 [7]. Industry Dynamics - The report notes that the renewable energy sector is expected to grow, with cumulative installed capacity reaching 1.41 billion kilowatts by the end of 2024, a 33.9% year-on-year increase [18]. - The transition to a market-oriented mechanism for renewable energy is highlighted, indicating a shift from guaranteed purchase to market trading [19].