[Table_IndNameRptType]2 固定收益 固收周报 债市回调，如何用好套保工具？ ——利率周记（8 月第 4 周） 报告日期： 2025-08-26 [Table_Author] 首席分析师：颜子琦 执业证书号：S0010522030002 电话：13127532070 邮箱：yanzq@hazq.com [Table_Author] 分析师：洪子彦 执业证书号：S0010525060002 电话：15851599909 邮箱：hongziyan@hazq.com 主要观点： ⚫[Table_Summary] 8 月债市回调，套期保值效果如何？ 8 月以来债券市场出现明显的回调，部分投资者运用衍生品进行利率风险对 冲，而国债期货是较为合适的对冲工具，本文基于此进行探讨。 为什么要进行国债期货套期保值？如果投资者预期利率后续可能上行且手中 持有现券头寸，则可以提前下国债期货的空单，进而卖出套期保值，反之则为 买入套期保值，套保可以较好地缓释债券组合的下跌/上涨风险。 与做多/窄基差不同的是，套保面临合约存续期间的基差收敛问题。套期保值 与正反套的操作较为类似，例如正套策略即为买入现券+做空国债期 ...

乖宝宠物（ [Table_StockNameRptType] 301498） 公司点评 国内自有品牌高速增长，直销收入占比稳步提升 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-08-26 | | | [Table_BaseData] 收盘价（元） | | 95.73 | | 近 12 个月最高/最低（元） | 125.6/41.27 | | | 总股本（百万股） | | 400 | | 流通股本（百万股） | | 179 | | 流通股比例（%） | | 44.75 | | 总市值（亿元） | | 383 | | 流通市值（亿元） | | 171 | [公司价格与沪深 Table_Chart] 300 走势比较 [Table_Author] 分析师：王莺 执业证书号：S0010520070003 邮箱：wangying@hazq.com 分析师：万定宇 执业证书号：S0010524040003 邮箱：wandy@hazq.com [Table_CompanyReport] 相关报告 1.乖宝宠物（301498）年报&一 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][5][8] Core Views - The company's overall performance declined in the first half of 2025, primarily due to domestic market pressures, with domestic revenue down 12.81% to 12.29 billion yuan. However, overseas business showed strong growth, with revenue increasing by 19.57% to 9.52 billion yuan, driven by a rise in instrument installations and a growing share of overseas revenue [3][4] - The company is focusing on high-end product development, achieving significant market validation. In the domestic market, 774 units of the chemiluminescence immunoassay analyzer were installed, with large machines accounting for 74.81% of installations. The company has also made breakthroughs in small molecule detection, with 14 new products approved for market [4][5] Financial Summary - For the first half of 2025, the company reported revenue of 2.185 billion yuan, a decrease of 1.18%, and a net profit of 771 million yuan, down 14.62%. The second quarter saw revenue of 1.060 billion yuan, down 10.88%, and a net profit of 334 million yuan, down 30.06% [2][3] - The company expects revenue to reach 4.567 billion yuan in 2025, with a slight growth of 0.7%, and net profit to be 1.761 billion yuan, a decrease of 3.7%. The projected earnings per share (EPS) for 2025 is 2.24 yuan [5][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 964 million yuan in the first half of 2025, a year-on-year decline of 4.78%, and a net profit attributable to shareholders of 47 million yuan, down 72.43% year-on-year. The second quarter showed signs of improvement with a revenue of 534 million yuan, a year-on-year increase of 0.17% and a quarter-on-quarter increase of 24.24% [2][7] - The medical equipment industry is experiencing a recovery in terminal bidding and procurement activities, but the company faces short-term pressure due to high channel inventory accumulated over the past two years. It is expected that performance will improve in the second half of the year as channel inventory is digested [6][9] Financial Performance Summary - In the first half of 2025, the ultrasound segment generated revenue of 550 million yuan, down 9.87% year-on-year, while the endoscope and related consumables segment remained stable with revenue of 388 million yuan. Domestic revenue was approximately 495 million yuan, down 9.2% year-on-year, while overseas revenue was about 469 million yuan, up 0.3% year-on-year [6] - The company is increasing strategic investments, with sales, management, and R&D expense ratios at 31.63%, 7.11%, and 25.31% respectively, reflecting a year-on-year increase [7] - Revenue projections for 2025-2027 are expected to be 2.317 billion yuan, 2.765 billion yuan, and 3.203 billion yuan, with corresponding growth rates of 15.0%, 19.4%, and 15.9%. Net profit attributable to shareholders is projected to be 311 million yuan, 475 million yuan, and 614 million yuan for the same period, with growth rates of 118.5%, 52.7%, and 29.3% respectively [9][11]

海信视像（ [Table_StockNameRptType] 600060） 公司点评 结构和盈利改善如期兑现 ——海信视像 25Q2 业绩点评 | | | 报告日期： 2025-08-26 | [Table_BaseData] 收盘价（元） | 21.71 | | --- | --- | | 近 12 个月最高/最低（元） | 25.88/14.28 | | 总股本（百万股） | 1,305 | | 流通股本（百万股） | 1,295 | | 流通股比例（%） | 99.24 | | 总市值（亿元） | 283 | | 流通市值（亿元） | 281 | [公司价格与沪深 Table_Chart] 300 走势比较 -15% 9% 32% 56% 79% 8/24 11/24 2/25 5/25 海信视像 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 分析师：成浅之 执业证书号：S0010524100003 邮箱：chengqianzhi@hazq.com 主要观点： [⚫Table_Summary] 公司发布 202 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company announced its 2025 semi-annual report, achieving operating revenue of 2.249 billion yuan, a year-on-year increase of 6.75%, and a net profit attributable to the parent company of 203 million yuan, a year-on-year increase of 2.85% [5] - The company is enhancing its AI research and development layout, focusing on a multi-dimensional development strategy of "computation + storage + simulation" [5] Financial Performance Summary - In Q2 2025, the company reported operating revenue of 1.189 billion yuan, a year-on-year increase of 8.10% and a quarter-on-quarter increase of 12.13% [5] - The net profit attributable to the parent company for Q2 2025 was 129 million yuan, a year-on-year increase of 17.22% and a quarter-on-quarter increase of 74.83% [5] - The company's computing chip revenue in Q2 2025 was 334 million yuan, with a year-on-year growth of 18.1% and a quarter-on-quarter growth of 23.7% [6] - Storage chip revenue in Q2 2025 was 722 million yuan, with a year-on-year growth of 6.8% and a quarter-on-quarter growth of 9.0% [6] - The revenue from analog interconnect chips in Q2 2025 was 125 million yuan, showing a year-on-year decrease of 1.2% but a quarter-on-quarter increase of 4.4% [7] Future Earnings Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 460 million, 700 million, and 1.046 billion yuan, respectively, with corresponding EPS of 0.96, 1.45, and 2.17 yuan per share [9] - The projected P/E ratios for 2025, 2026, and 2027 are 78.5, 52.0, and 34.8 times, respectively [9]

核心音乐业务稳健增长，内容生态不断丰富 | | | 网易云音乐（ [Table_StockNameRptType] 09899） 港股公司点评 1.社区生态彰显差异化布局，付费转 化打开商业化空间 2025-08-12 主要观点： ⚫[Table_Summary] 25H1： 公司发布 25H1 业绩，实现收入 38.3 亿元，yoy -6.0%；毛利润 13.9 亿元，yoy -2.3%，毛利率为 36.4%，同比增加 1.4pct；经调整营 业利润 9.1 亿元，yoy +35.0%；经调净利润 19.5 亿元，yoy +121.0%。净利润的增加主要由于 2025H1 确认递延所得税抵免 8.5 亿元。 | 2025-08-26 | | --- | | 报告日期： | | [Table_BaseData] 收盘价（港元） | 286.60 | | --- | --- | | 近 12 个月最高/最低（港元） 303.4/87.9 | | | 总股本（百万股） | 217 | | 流通股本（百万股） | 217 | | 流通股比例（%） | 100.00 | | 总市值（亿港元） | 623 | | 流通 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported stable profits in H1 2025, with its phosphate chemical business remaining robust despite challenges [5][10] - In H1 2025, the company achieved total revenue of 24.992 billion yuan, a year-on-year decrease of 21.88%, and a net profit attributable to shareholders of 2.761 billion yuan, down 2.81% year-on-year [5] - The company is transitioning to a high-margin business structure, leveraging integrated resources and cost control advantages [5] Financial Performance - In Q2 2025, the company recorded revenue of 11.988 billion yuan, a year-on-year decline of 33.90% and a quarter-on-quarter decrease of 7.82% [5] - The net profit attributable to shareholders in Q2 2025 was 1.472 billion yuan, an increase of 6.52% year-on-year and 14.15% quarter-on-quarter [5] - The gross profit margin improved by 2.55 percentage points to 19.16% despite rising raw material prices and low product prices [5] Business Strategy - The company has implemented a low-cost inventory strategy and signed long-term agreements with suppliers to secure sulfur resources at a fixed price, reducing external dependency [5] - The company has a significant phosphate ore reserve of nearly 800 million tons, ensuring self-sufficiency in phosphate fertilizer and new energy material production [5] - The company is accelerating its transition to new energy, with increased R&D investment focusing on fluorine resource development and technology breakthroughs [9] Future Outlook - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 5.567 billion, 5.753 billion, and 5.880 billion yuan, respectively, corresponding to P/E ratios of 9, 9, and 8 times [10]

Market Commentary - On August 25, the market experienced a significant surge, with the Shanghai Composite Index rising by 1.51% and the ChiNext Index increasing by 3.00%, both reaching new highs in this market cycle. The total trading volume for the A-share market was 3.18 trillion, an increase of over 23% from the previous day's 2.58 trillion, marking the second-highest trading volume in A-share history, only behind October 8, 2024 [1] - All sectors saw gains, but the performance varied significantly, with telecommunications (4.85%), non-ferrous metals (4.63%), and real estate (3.32%) leading the charge [1] - The bullish market environment, combined with strong sector-specific catalysts, has led to a substantial release of market and sectoral upward elasticity. Key drivers included Nvidia's launch of the Spectrum-XGS Ethernet and DeepSeek's release of version 3.1, which boosted expectations for computing power performance [1] - The Federal Reserve's easing interest rate expectations have led to significant increases in precious and industrial metals. The announcement of the "Interim Measures for Total Quantity Control of Rare Earth Mining and Smelting Separation" has also driven up rare earth permanent magnets [1] Real Estate Sector - On August 25, Shanghai issued a notice to optimize and adjust real estate policies, including changes to housing purchase restrictions, public housing loan limits, and mortgage interest rate pricing mechanisms. This catalyzed a significant rise in the real estate sector [2] Bull Market Dynamics - The current bull market is supported by strong internal drivers, with steady increases since early April. The core support stems from heightened attention from decision-makers towards the capital market, improved micro liquidity, and continuous market hotspots [3][5] - The focus should be on sectors with the highest upward elasticity, particularly in growth technology and performance-supported areas. The three main lines of investment include high-elasticity growth technology (AI, computing power, robotics, military industry), sectors with strong performance support (rare earth permanent magnets, precious metals, engineering machinery), and the real estate sector, which is expected to continue its valuation recovery [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Viewpoints - In the first half of 2025, the company achieved an operating revenue of approximately 8.494 billion yuan, a year-on-year increase of about 56.59%, and a net profit attributable to shareholders of approximately 1.683 billion yuan, a year-on-year increase of about 47.50% [5] - The PCB business generated an operating revenue of approximately 8.152 billion yuan, with a year-on-year growth of about 57.20%, although the gross margin was impacted by increased stock incentive costs and losses from the Thailand factory, decreasing by approximately 1.49 percentage points year-on-year [5] - The company has increased its investment in the enterprise communication board market, which saw a significant revenue increase of approximately 70.63% to about 6.532 billion yuan, driven by strong demand in AI and high-speed network infrastructure [6] - The Thailand production base has entered a small-scale production phase, with losses of approximately 96 million yuan in the first half of 2025, but it has received formal recognition from two key customers in AI server and switch applications [6] Financial Performance - The company expects operating revenues of 18.654 billion yuan, 22.743 billion yuan, and 25.608 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 4.042 billion yuan, 5.069 billion yuan, and 5.681 billion yuan for the same years [10] - The projected P/E ratios for 2025, 2026, and 2027 are 26.48X, 21.12X, and 18.84X respectively, indicating a strong growth outlook [10] - The gross margin is expected to improve slightly to 36.7% in 2025 and remain stable in the following years [11] Market Trends - The automotive board market has shown steady growth, with revenues reaching approximately 1.422 billion yuan, a year-on-year increase of about 24.18%, driven by emerging products in autonomous driving and electrification [8] - The company continues to focus on R&D in high-power, high-density, and high-frequency technologies, collaborating with leading companies to develop next-generation products [7][9]