电视剧业务触底向上，关注下半年影视内容表现。1）上半年公司电视剧制 作、发行业务分别实现营收 3.60、1.64 亿元，同比分别增长 1258.92%、 -9.24%；毛利率同比分别下降 23.55、5.14 个 pct 至 18.12%、61.43%；上半 年公司有 2 部新剧上映（《国色芳华》《锦绣芳华》）、3 部过审；同时开 机 6 部（《你是迟来的欢喜》《花好》《奉陪到底》《重器》《七月的一天》 《奇迹》），杀青项目 5 部（《太平年》《极限刑诉》《家业》《你是迟来 的欢喜》《成何体统》），有望为下半年年业绩奠定较好基础；2）《刺杀 小说家 2》（前作获得 10.35 亿票房）已定档 2025 年 10 月 1 日上映，有望 为电影业务贡献较大增量；3）行业来看，广电总局印发实施《进一步丰富 电视大屏内容、促进广电视听内容供给的若干举措》有望为影视内容制作行 业发展打开新空间。 短剧、动漫、算力业务崭露头角，开辟第二增长曲线。1）短剧月产能已提 升到 20 部，《以爱之名》《下一任，是幸福》《亲爱的宿敌》等精品短剧 播放均超 2 亿；2）动漫业务 IP 运营与展览双发力，，联合合孩之宝共同出 品的《小 ...

收入利润双增，经营质量提升。2025H1 公司实现收入 40.4 亿元/+8.7%，归 母净利润 1.9 亿元/+11.0%，扣非归母净利润 2.2 亿元/+40.1%；其中 2025Q2 营收 19.5 亿元/+3.9%，归母净利润 0.8 亿元/+12.1%，扣非归母净利润 1.0 亿元/+63.1%。二季度收入增速略有放缓，主要系受美国关税政策扰动与东 南亚产能落地周期、部分产品从 SC 到 VC 的销售模式转变以及平台政策变动 影响；利润增长主要是公司积极优化仓网布局降低物流成本、线上 B2B 模式 降低平台交易费以及汇兑收益贡献。 欧洲与新兴市场贡献增长，美国受关税政策扰动。2025H1 欧洲、北美、日本、 新兴市场分别实现收入 25.7 亿/13.7 亿/0.29 亿/0.41 亿，同比分别为 +12.8%/+1.9%/-3.4%/+86.3%。欧洲持续拓展平台覆盖与优化仓储布局，实 现量效协同增长；澳大利亚、土耳其等新兴市场成功开拓增量空间；北美受 关税影响增速放缓，但随着东南亚供应链逐步落地，下半年有望改善。 证券研究报告 | 2025年09月03日 致欧科技（301376.SZ） 优于大市 ...

Group 1 - The core view of the report indicates that the Hong Kong internet sector is currently undervalued globally, with AI driving the release of mid-term performance results [1][3][21] - The Hang Seng Technology Index rose by 4.1% in August, outperforming the Nasdaq Internet Index, which increased by 2.7% during the same period [1][11] - Key stocks that performed well in August include Reading Group, JD Health, and Weimeng Group in Hong Kong, and iQIYI, BOSS Zhipin, and SEA in the US [1][17] Group 2 - The report highlights that AI has shown significant effects on the advertising business, cloud computing scenarios, and corporate efficiency for internet giants, with Tencent's advertising growth maintaining at 20% and Alibaba Cloud's growth accelerating to 26% [3][4] - The report recommends continued investment in Tencent Holdings, Alibaba, Kuaishou, Meitu, and Tencent Music, which are less correlated with macroeconomic conditions [3][4] - The report provides earnings forecasts and investment ratings for key companies, with Tencent Holdings expected EPS of 23.83 in 2025 and a PE ratio of 23.9, while Alibaba is projected to have an EPS of 6.89 and a PE of 18.7 [4]

证券研究报告 | 2025年09月3日 债海观潮，大势研判 债"熊"交易为时尚早 投资策略 · 固定收益 2025年第九期 0755-22940745 zhaojing@guosen.com.cn S0980513080004 证券分析师：赵婧 证券分析师：季家辉 021-61761056 jijiahui@guosen.com.cn S0980522010002 0755-22940456 lizn@guosen.com.cn S0980516060001 证券分析师：李智能 0755-81982035 tiandi2@guosen.com.cn S0980524090003 证券分析师：董德志 021-60933158 dongdz@guosen.com.cn S0980513100001 证券分析师：田地 请务必阅读正文之后的免责声明及其项下所有内容 摘要 请务必阅读正文之后的免责声明及其项下所有内容 Ø 行情回顾：8月多数债券品种收益率上行；利率债方面，几乎全部品种收益率上行；信用债方面， 长期限低等级品种信用利差收窄；违约方面，8月违约金额有所上升； Ø 海外基本面：美国经济景气回升，新增就业边际下 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's performance is in line with expectations, with a slight increase in net profit despite a decrease in revenue. The net interest margin has declined, but provisions have positively impacted profits [3][4] - The company's total assets have grown steadily, with a year-on-year increase of 8.28%, and deposits have risen by 10.73% [2] - Asset quality has shown slight improvement, with a non-performing loan generation rate decreasing to 1.17% [3] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 105.76 billion yuan, a year-on-year decrease of 2.99%, while net profit increased by 2.78% [1] - The annualized weighted ROE for the first half of 2025 was 10.6%, down by 0.5 percentage points year-on-year [1] - The company plans to distribute dividends of 10.46 billion yuan, with a payout ratio of 30.7%, an increase of 1.5 percentage points year-on-year [2] Asset Quality Summary - The non-performing loan ratio remained stable at 1.16%, while the coverage ratio was 207.53%, reflecting a slight decrease from the end of 2024 [3] - The company has maintained a reasonable level of provisions, with a coverage ratio that improved from the first quarter of 2025 [3] Earnings Forecast and Valuation - The forecasted net profit for 2025-2027 is 69.5 billion, 72.4 billion, and 75.6 billion yuan, with respective growth rates of 1.3%, 4.2%, and 4.3% [3][4] - The current stock price corresponds to a PE ratio of 6.7, 6.4, and 6.1 for the years 2025, 2026, and 2027, respectively, and a PB ratio of 0.59, 0.55, and 0.52 [3][4]

证券研究报告 | 2025年09月03日 银行业 2025 年中报综述 优于大市 业绩筑底，关注顺周期标的 总体回顾：其他非息收入改善推动营收利润增长。2025 年上半年上市银行合 计营业收入 2.92 万亿元，同比增长 1.0%；合计归母净利润 1.10 万亿元，同 比增长 0.8%。收入与归母净利润增速较一季度均回升，主要是二季度市场利 率回落，债券投资损失等其他非息收入对净利润增长的拖累幅度减弱。 净息差：同比降幅与一季度接近。上半年上市银行整体净息差同比下降 14bps 至 1.41%，降幅与一季度的 13bps 接近，较 2024 年 17bps 的降幅 收窄。从单季度净息差来看，二季度环比一季度下降 4bps。展望全年， 我们认为受 LPR 下调及信贷需求疲弱等影响，全年净息差同比仍将收窄， 但受益于 5 月份存款挂牌利率下降，预计净息差降幅将小幅收窄。 资产质量：整体压力小幅增加。资产质量方面，我们认为目前银行资产质 量压力边际增大，主要表现为逾期率上升、不良生成率增加，压力主要 来自零售领域。拨备方面，上半年上市银行拨备计提力度加大，"贷款 损失准备/不良生成"较去年回升，目前该指标为 106 ...

证券研究报告 | 2025年09月03日 风险提示：主要矿产品价格下跌风险，扩建项目进度不及预期风险，社区关 系风险。 投资建议：维持 "优于大市"评级 假设 2025-2027 年铜价为 9600 美元/吨，锌价为 2800 美元/吨，金价为 3200/3300/3300 美元/盎司，白银价格 35/38/38 美元/盎司，Las Bambas 铜 矿 C1 成本分别为 1.0/0.98/0.98 美元/磅，Khoemacau 铜矿 C1 成本均为 2.45 美元/磅，Kinsevere 铜矿 C1 成本分别为 2.7/2.0/1.55 美元/磅，预计 2025-2027 年 归 母 净 利 润 分 别 为 7.32/9.27/10.19 亿 美 元 (+352%/26.6%/9.9%)，EPS 分别为 0.06/0.08/0.08 美元。公司铜矿产量持续 提升、成本下降，有望充分享受铜、贵金属涨价所带来的利润弹性，维持"优 于大市"评级。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][17][24] Core Views - The company's revenue slightly declined by 1.51% year-on-year to 2.121 billion yuan in H1 2025, primarily due to a decrease in the engineering segment. However, the net profit attributable to shareholders increased by 29.6% to 719 million yuan, driven by a 65.4% increase in investment income from joint ventures and associates [1][6][17] - The company successfully held a public hearing for water price adjustments, which is expected to enhance the performance of its water supply segment once implemented [3][17] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 1.509 billion, 1.673 billion, and 1.828 billion yuan respectively, with year-on-year growth rates of 25.9%, 10.9%, and 9.2% [17][22] Revenue and Profitability - In H1 2025, the environmental water segment generated 786 million yuan in revenue, up 13.8% year-on-year, while the solid waste segment saw a 14.9% increase to 399 million yuan. The engineering segment's revenue fell by 13.9% to 732 million yuan [1][6] - The overall gross margin for the company was 22.19%, a decrease of 0.56 percentage points year-on-year. The gross margin for the environmental water business dropped from 29.5% to 22.7% [2][7] Financial Metrics - The company reported a significant increase in accounts receivable, which rose by 34.62% year-on-year to 1.952 billion yuan. Operating cash flow improved slightly, with a cash flow of -370 million yuan, an increase of 30 million yuan year-on-year [11][20] - The projected earnings per share (EPS) for 2025 is 1.02 yuan, with a price-to-earnings (P/E) ratio of 9.9 [22][21] Market Performance - The company's current stock price is 10.08 yuan, with a market capitalization of 14.869 billion yuan. The stock has a 52-week high of 10.57 yuan and a low of 7.10 yuan [5][21]

证券研究报告 | 2025年09月03日 中信银行（601998.SH）2025 年半年报点评 优于大市 业绩稳中有进，资产质量改善 2025 年上半年营收略降，净利润微增。公司 2025 年上半年度实现营业收入 105.76 亿元，同比下降 2.99%，其中二季度同比下降 2.28%,较一季度降幅收 窄 1.44 个百分点。上半年净利润同比增长 2.78%，其中二季度同比增长 4.11%，较一季度提升 2.45 个百分点。上半年年化加权 ROE10.6%，同比下降 0.5 个百分点。从业绩增长归因来看，净息差下降仍是最大不利因素，拨备 反哺利润实现正增长。 资产规模稳步增长，结构进一步优化。公司 2025 年上半年总资产 9.86 万亿 元，同比增长 8.28%，保持平稳增长。其中存款同比增长 10.73%，贷款同比 增长 3.79%。资产结构中一般性贷款占比 56.56%，较 2024 年末提升 1.28 个 百分点，信用债占比 24.72%，较 2024 年末提升 3.45 个百分点。公司上半年 核心一级资本充足率 9.49%，较 2024 年末下降 0.23 个百分点。继续开展中 期分红，拟派息 10 ...

证券研究报告 | 2025年09月01日 氟化工行业：2025 年 8 月月度观察 优于大市 主流制冷剂价格持续上涨，液冷板块开启增长空间 8 月氟化工行情回顾：截至 8 月末（8 月 29 日），上证综指报 3857.93 点， 较 7 月末（7 月 31 日）上涨 7.97%；沪深 300 指数报 4496.76 点，较 7 月末 上涨 10.33%；申万化工指数报 4064.30，较 7 月末上涨 8.98%；氟化工指数 报 1681.54 点，较 7 月末上涨 16.75%。8 月氟化工行业指数跑赢申万化工指 数 7.77pct,跑赢沪深 300 指数 6.42pct，跑赢上证综指 8.78pct。 主流制冷剂产品未来价格稳定增长。R32 方面，随着年度配额的持续消化， 各家年度内可售货源有限，存明显的挺价惜售心态，供应端对价格利好支撑 较强，新单价格或仍有进一步上涨的可能。预计 9-11 月均价分别在 6.2 万 元/吨、6.3 万元/吨、6.4 万元/吨。R134a 方面，随着年度配额的持续消化， 卖方挺价心态或持续增强，四季度出口需求的逐步增量同时气雾罐等长协订 单陆续进入商谈阶段，基本面利好支 ...