微电生理（ [Table_StockNameRptType] 688351） 公司点评 利润端持续改善，海外市场加速拓展 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-09-03 | | | [Table_BaseData] 收盘价（元） | | 23.88 | | 近 12 个月最高/最低（元） | | 27.80/ | | | | 16.14 | | 总股本（百万股） | | 471 | | 流通股本（百万股） | | 125 | | 流通股比例（%） | | 26.53 | | 总市值（亿元） | | 112 | | 流通市值（亿元） | | 30 | [公司价格与沪深 Table_Chart] 300 走势比较 -27% -8% 11% 29% 48% 9/24 12/24 3/25 6/25 微电生理 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：李婵 执业证书号：S0010523120002 邮箱：lichan@ ...

Group 1 - The Federal Reserve is expected to "restart" interest rate cuts, which will benefit risk asset prices [2][13] - The Shanghai Composite Index and the ChiNext Index are showing upward trends, with increases of 6.70% and 22.07% respectively [2] - The NASDAQ index is also expected to rise, supported by the anticipated interest rate cuts [2][42] Group 2 - The report suggests a high allocation to equities, particularly in growth sectors such as technology and AI, due to the favorable market conditions [3][27] - The bond market is expected to see a decrease in yields, particularly in short-term bonds, as the Fed's actions create more room for domestic rate cuts [50][60] - Commodities like gold are recommended for overweight allocation, while oil is suggested for underweight due to ongoing production increases [3][27] Group 3 - The report highlights structural improvements in certain sectors, such as the technology and defense industries, which are expected to benefit from government policies and market demand [28][36] - The engineering machinery sector is anticipated to recover due to cyclical trends and increased global investment [41] - Agricultural chemicals are also expected to see a rebound in demand, driven by food security strategies and recent price stabilization [41]

常熟汽饰（ [Table_StockNameRptType] 603035） 公司点评 25Q2 业绩超预期，国内外市场同步推进 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-09-03 | | | [收盘价（元） Table_BaseData] | | 14.79 | | 近 12 个月最高/最低（元） | | 16.53/12.07 | | 总股本（百万股） | | 380 | | 流通股本（百万股） | | 380 | | 流通股比例（%） | | 100.00 | | 总市值（亿元） | | 56 | | 流通市值（亿元） | | 56 | [公司价格与沪深 Table_Chart] 300 走势比较 -14% 2% 17% 33% 48% 9/24 12/24 3/25 6/25 常熟汽饰 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：刘千琳 执业证书号：S0010524050002 邮箱：liuqi ...

兴发集团（ [Table_StockNameRptType] 600141） 公司点评 行业景气度回暖，Q2 业绩环比上升 | [Table_Rank] | 投资评级：买入（维持） | | --- | --- | | 报告日期： | 2025-09-03 | | [Table_BaseData] 收盘价（元） | 27.23 | | --- | --- | | 近 12 个月最高/最低（元） | 28.60/17.66 | | 总股本（百万股） | 1,103 | | 流通股本（百万股） | 1,103 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 300 | | 流通市值（亿元） | 300 | [公司价格与沪深 Table_Chart] 300 走势比较 -20% 0% 20% 40% 60% 9/24 12/24 3/25 6/25 兴发集团 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：173 ...

D [Table_IndNameRptType] 基础化工 行业周报 合成生物学周报：国务院印发关于深入实施"人工智能 +"行动的意见，鄂托克旗首个合成生物项目开工 [Table_IndRank] 行业评级：增持 报告日期： 2025-09-03 [Table_Chart] 行业指数与沪深 300 走势比较 -15% -1% 13% 28% 42% 56% 9/24 12/24 3/25 6/25 9/25 基础化工 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：17321190296 邮箱：liutq@hazq.com 主要观点： [Table_Summary] 华安证券化工团队发表的《合成生物学周报》是一份面向一级市场、 二级市场，汇总国内外合成生物学相关领域企业信息的行业周报。 目前生命科学基础前沿研究持续活跃，生物技术革命浪潮席卷全球并 加速融入经济社会发展，为人类应对生命健康、气候变化、资源能源 安全、粮食安全等重大 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a rapid growth in performance for the first half of 2025, with total revenue reaching 3.36 billion yuan, a year-on-year increase of 35.28%, and a net profit attributable to shareholders of 536 million yuan, up 51.54% year-on-year [5] - The company is continuously deepening its industrial chain layout, focusing on the integration of phosphate resources and capacity construction [6] - The company has a strong competitive advantage due to its dual-driven strategy of resource and technology, which helps in building a long-term competitive barrier [7] Financial Performance - In the first half of 2025, the company achieved total revenue of 3.36 billion yuan, with a year-on-year growth of 35.28% and a net profit of 536 million yuan, reflecting a year-on-year increase of 51.54% [5] - The revenue from the phosphate chemical segment grew rapidly, with key products such as feed-grade dicalcium phosphate and monoammonium phosphate showing revenue increases of 33.22% and 38.91% respectively [5] - The company’s gross profit margin for feed-grade dicalcium phosphate and monoammonium phosphate improved, with margins of 32.60% and 44.57% respectively [5] Industry Positioning - The company is actively expanding its overseas market presence, with international sales revenue reaching 1.066 billion yuan, a year-on-year increase of 35.05%, accounting for 31.73% of total revenue [5] - The company is enhancing its integrated industrial chain centered around phosphate rock resources, with a current annual mining capacity of approximately 3.2 million tons [6] - The company is also increasing its production capacity for lithium iron phosphate, responding to the growing demand in the new energy materials market [5][8] Future Outlook - The company is expected to achieve net profits of 1.229 billion yuan, 1.444 billion yuan, and 1.853 billion yuan for the years 2025 to 2027, with corresponding P/E ratios of 13, 11, and 9 times [9]

亚钾国际（ [Table_StockNameRptType] 000893） | [Table_BaseData] 收盘价（元） | 33.30 | | --- | --- | | 近 12 个月最高/最低（元） | 34.77/14.50 | | 总股本（百万股） | 924 | | 流通股本（百万股） | 812 | | 流通股比例（%） | 87.85 | | 总市值（亿元） | 308 | | 流通市值（亿元） | 270 | [公司价格与沪深 Table_Chart] 300 走势比较 -23% 12% 47% 81% 116% 9/24 12/24 3/25 6/25 亚钾国际 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：17321190296 邮箱：liutq@hazq.com 公司点评 25H1 钾肥量价齐升，静待新产能放量 [Table_Rank] 投资评级：增持（维持） | 2025-09-03 | | ...

阳光诺和（ [Table_StockNameRptType] 688621） 公司点评 临床业务快速增长，创新资产储备丰富 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-09-02 | | [Table_BaseData] 收盘价（元） | 76.90 | | 近 12 个月最高/最低（元） | 86.50/28.90 | | 总股本（百万股） | 112 | | --- | --- | | 流通股本（百万股） | 112 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 86 | | 流通市值（亿元） | 86 | [公司价格与沪深 Table_Chart] 300 走势比较 -16% 32% 80% 128% 176% 9/24 12/24 3/25 6/25 阳光诺和 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：杨馥瑗 1）STC007 注射液：主要适应症为治疗术后疼痛及成人慢性肾脏疾病 相关的中至重度瘙痒。其 ...

[Table_StockNameRptType] 金融工程 专题报告 分析师：吴正宇 9 月看好大盘成长风格，建议配置通信、电子、银行 [Table_RptDate] 报告日期： 2025-9-2 分析师：严佳炜 执业证书号：S0010520070001 邮箱：yanjw@hazq.com 执业证书号：S0010522090001 邮箱：wuzy@hazq.com [Table_Author] 分析师：骆昱杉 执业证书号：S0010522110001 邮箱：luoyushan@hazq.com [Table_CompanyReport] 相关报告 1.《上市板块差异性视角下的选股策 略优化与实战指南——量化研究系列 报告之二十》2024-12-20 2. 《破解 Alpha 投资困境：因子择 时方案再探索——量化研究系列报告 之十九》2024-9-13 3. 《企业利润分配策略：短期股东回 报与长期价值创造的平衡——量化研 究系列报告之十八》2024-8-14 4. 《另辟蹊径：发掘分析师因子中的 另类 alpha——量化研究系列报告之 十七》2024-6-12 5. 《探索股价动态关联，捕捉属性敏 感的动量 ...

[Table_IndNameRptType]2 固定收益 点评报告 城投融资缩量延续，短端避险优势凸显 ——城投月报 25 年 08 月 报告日期： 2025-09-02 主要观点： ⚫[Table_Summary] 城投债市场综述 置换债券发行渐息，城投延续窄幅缩量。具体来看，8 月城投发行债券 5174 亿元，偿还 5258 亿元，净偿还 84 亿元，净偿还规模较前月环比减少 约 12 亿元，较去年同期收窄约 166 亿元。整体来看，8 月城投债继续处于 窄幅净偿还的状态，发行规模与到期规模较去年同期均有不同程度缩量， 值得关注的是，截至 8月末，特殊再融资债发行进度已超九成步入尾声，但 由此带来的提前偿还压力或仍未完全释放，需关注可能出现的提前折价兑 付的风险。 地市级主体融资回正，震荡行情下短久期发行占比提升。融资结构方面， 地市级净融资规模回正，背后或为部分强地市级主体融资环境的边际改 善，主要表现在 AAA 主体净融资规模延续高位，而 AA+主体则由正转负； 期限方面，3 年期以上仍是主要发行期限，但 1 年期债券规模明显抬升，或 为债市调整下市场供需选择的结果；区域方面，浙江省净融资规模位居前 ...