营收降幅收窄，资产质量稳健 目标价：27.06 元 事项： 证 券 研 究 报 告 兴业银行（601166）2025 年中报点评 推荐（维持） 8 月 28 日，兴业银行披露 2025 年中报，2025 上半年实现营业收入 1,104.58 亿 元，同比下降 2.29%；实现归母净利润 431.41 亿元，同比增长 0.21%。1H25 不良率环比持平于 1.08%，拨备覆盖率环比下降 4.9pct 至 228.5%。 评论： 公司研究 全国性股份制银行Ⅲ 2025 年 09 月 01 日 | | | 华创证券研究所 证券分析师：贾靖 邮箱：jiajing@hcyjs.com 执业编号：S0360523040004 证券分析师：林宛慧 邮箱：linwanhui@hcyjs.com 执业编号：S0360524110001 证券分析师：徐康 《兴业银行（601166）重大事项点评：距离转债强 赎仍有 12.7%空间，大股东增持彰显信心》 2025-07-11 《兴业银行（601166）跟踪点评：业绩筑底改善， 资产负债表重构成效渐显》 2024-06-11 《兴业银行（601166）：半年报点评：投资独占资 产鳌 ...

证 券 研 究 报 告 永信至诚（688244）2025 年半年报点评 强推（维持） 数字风洞推广加速，建设 AI"原生安全"体系 事项： 公司发布 2025 年半年度报告：2025 年上半年，实现营业收入 0.85 亿元，同 比下滑 14.86%；归母净利润亏损 0.42 亿元，上年同期亏损 0.18 亿元；归母 扣非净利润亏损 0.46 亿元，上年同期亏损 0. 24 亿元。 评论： 风险提示：行业竞争加剧；AI 发展不及预期；数字风洞市场拓展不及预期。 | 目标价：31.04 | 元 | | --- | --- | | 当前价：26.34 | 元 | 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 证券分析师：胡昕安 邮箱：huxinan@hcyjs.com 执业编号：S0360525080009 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 356 | ...

Investment Rating - The report maintains a "Strong Buy" rating for Luzhou Laojiao, with a target price of 206 CNY [2][7]. Core Views - The company reported a total revenue of 16.45 billion CNY for the first half of 2025, a decrease of 2.7% year-on-year, and a net profit attributable to shareholders of 7.66 billion CNY, down 4.5% year-on-year. In Q2 alone, total revenue was 7.10 billion CNY, down 8.0% year-on-year, and net profit was 3.07 billion CNY, down 11.1% year-on-year [2][7]. - The company is actively managing its inventory and pricing strategies, with a focus on reducing channel pressure and stabilizing core product pricing during the industry adjustment period. The company has also introduced a three-year dividend plan, aiming for a dividend payout ratio of no less than 65% in 2024, 70% in 2025, and 75% in 2026, with a total dividend amount not less than 8.5 billion CNY [2][7][8]. Financial Summary - **Revenue and Profit Forecasts**: - Total revenue is projected to decline to 29.28 billion CNY in 2025, with a year-on-year decrease of 6.1%. The net profit is expected to be 12.28 billion CNY, down 8.9% year-on-year [3][11]. - **Earnings Per Share (EPS)**: - EPS is forecasted to be 8.34 CNY in 2025, 8.15 CNY in 2026, and 9.01 CNY in 2027 [3][11]. - **Valuation Ratios**: - The price-to-earnings (P/E) ratio is projected to be 16 in 2025, 17 in 2026, and 15 in 2027. The price-to-book (P/B) ratio is expected to be 3.8 in 2025, 3.6 in 2026, and 3.3 in 2027 [3][11]. Market Performance - The company has seen a stable number of distributors, with a slight increase to 1,791 by the end of Q2 2025. The core markets in Southwest and North China are experiencing slight pressure, while regions like Northwest and Henan are still in an adjustment phase [2][7][8].

证 券 研 究 报 告 【策略月报】 A 股 25H1 分红扩围增量 ——多行业联合红利资产 8 月报 策略研究 策略月报 2025 年 09 月 01 日 华创证券研究所 证券分析师：姚佩 邮箱：yaopei@hcyjs.com 执业编号：S0360522120004 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：杨晖 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：韩星雨 邮箱：hanxingyu@hcyjs.com 执业编号：S0360525050001 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券分析师：刘欣 邮箱：liuxin3@hcyjs.com 执业编号：S0360521010001 相关研究报告 ...

事项： 公司研究 仪器仪表Ⅲ 2025 年 09 月 01 日 证 券 研 究 报 告 信测标准（300938）2025 年半年报点评 强推（维持） Q2 收入增速环比改善，切入"检测+机器人" 赛道 目标价：30.05 元 当前价：24.78 元 华创证券研究所 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@hcyjs.com 执业编号：S0360523020001 证券分析师：丁祎 邮箱：dingyi@hcyjs.com 执业编号：S0360523030001 公司基本数据 | 总股本(万股) | 23,071.71 | | --- | --- | | 已上市流通股(万股) | 15,485.97 | | 总市值(亿元) | 57.17 | | 流通市值(亿元) | 38.37 | | 资产负债率(%) | 23.61 | | 每股净资产(元) | 6.43 | | 12 个月内最高/最低价 | 49.28/16.18 | 市场表现对比图(近 12 个月) -8% 54% 117% 179% 24/09 24/11 25/01 25/04 25/06 25/08 2024-0 ...

Investment Rating - The report maintains a "Recommended" rating for China Resources Beverage (02460.HK) with a target price of 15 HKD [1][8]. Core Views - The company reported a revenue of 6.206 billion HKD for H1 2025, a decrease of 18.52% year-on-year, and a net profit of 805 million HKD, down 28.63% year-on-year. The report highlights that the company is facing temporary operational pressure but emphasizes the importance of operational adjustments and beverage product development for long-term growth [1][8]. Financial Summary - **Revenue and Profit Forecasts**: - Total revenue for 2024 is projected at 13.521 billion HKD, with a decline to 11.872 billion HKD in 2025E, followed by a recovery to 13.069 billion HKD in 2026E and 14.052 billion HKD in 2027E [3][14]. - Net profit is expected to decrease from 1.637 billion HKD in 2024 to 1.286 billion HKD in 2025E, before rising to 1.620 billion HKD in 2026E and 1.907 billion HKD in 2027E [3][14]. - **Key Financial Ratios**: - The projected earnings per share (EPS) for 2025 is 0.54 HKD, with a price-to-earnings (P/E) ratio of 19.7 [3][14]. - The company’s asset-liability ratio is 44.65%, indicating a moderate level of debt [4]. - **H1 2025 Performance**: - The gross profit margin for H1 2025 was 46.67%, down 2.6 percentage points year-on-year. The net profit margin was 13.26%, a decrease of 1.9 percentage points year-on-year [8][9]. Business Segment Performance - **Beverage and Packaging Water**: - The packaging water segment saw a revenue decline of 23.11% to 5.251 billion HKD, while the beverage segment grew by 21.28% to 955 million HKD in H1 2025. The report notes that the company is focusing on product series such as "Benqingrun" and "Moli Water" to drive growth [8][9]. - **Cost Management**: - The report indicates that while raw material prices have decreased, the overall revenue decline has weakened scale effects, leading to increased costs in sales and marketing efforts [8][9]. Strategic Outlook - The report suggests that despite the current operational challenges, the long-term growth logic remains intact. The company is focusing on inventory optimization, channel adjustments, and the introduction of new beverage products to enhance its market position [8][9]. - The report emphasizes the importance of production efficiency improvements and the development of new beverage lines as key factors for future profitability [8][9].

证 券 研 究 报 告 招商公路（001965）2025 年中报点评 推荐（维持） 2025H1 归母净利下降 7.6%，主业短期承压， 持续看好公司公路行业 ETF 增强属性 公路 2025 年 09 月 01 日 目标价：12.43 元 当前价：10.41 元 华创证券研究所 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 注：股价为 2025 年 8 月 29 日收盘价 [ReportFinancialIndex] 主要财务指标 公司研究 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 12,711 | 12,889 | 13,474 | 14,113 | | 同比增速(%) | 30.6% | 1.4% | 4.5% | 4.7% | | 归母净利润(百万) | 5,322 | 5,598 | 5,962 | 6,352 | | 同比增速(%) | -21.3% | 5.2% | 6.5% | 6.6% | | 每 ...

证 券 研 究 报 告 奇安信-U（688561）2025 年半年报点评 强推（维持） 提质增效效果显著， "AI+"持续赋能 目标价：47.12 元 事项： 公司发布 2025 年半年度报告：2025 年上半年，实现营业收入 17.42 亿元， 同比下滑 2.30%；归母净利润亏损 7.7 亿元，上年同期亏损 8.2 亿元；归母 扣非净利润亏损 7.7 亿元，上年同期亏损 8.54 亿元。 评论： | | | 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 证券分析师：胡昕安 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,349 | 4,612 | 4,940 | 5,299 | | 同比增速(%) | -32.5% | 6.0% | 7.1% | 7.3% | | 归母净利润(百万) | -1,379 | -320 | -57 | 142 | | 同比 ...

公司研究 证 券 研 究 报 告 东方证券（600958）2025 年中报点评 推荐（维持） 净利润同比+64%，轻资本业务同比提升 事项： 点评： ROE 提升明显，主要来自杠杆提升与净利润率增长。公司报告期内 ROE 为 4.1%，同比+1.5pct。单季度 ROE 为 2.4%，环比+0.7pct，同比+0.9pct，杜邦拆 分来看： 1）公司报告期末财务杠杆倍数（总资产剔除客户资金）为：3.5 倍，同比+0.29 倍，环比持平。 2）公司报告期内资产周转率（总资产剔除客户资金，总营收剔除其他业务收 入后）为2.7%，同比+0.5pct，单季度资产周转率为1.4%，环比持平，同比+0.1pct。 3）公司报告期内净利润率为 43.5%，同比+6.5pct，单季度净利润率为 49.8%， 环比+12.9pct，同比+11.8pct。 拆分来看：1）公司自营业务收入（公允价值变动+投资净收益-联营合营企业 投资净收益）合计为 40.2 亿元，单季度为 19.1 亿元，环比-2 亿元。单季度自 营收益率为 1.6%，环比-0.5pct，同比+0.1pct。 对比来看，单季度期间主动型股票型基金平均收益率为+1 ...

Investment Strategy - The report emphasizes the strategic importance of Xinjiang in the context of national policies, highlighting its transition from a peripheral region to a frontier hub due to the Belt and Road Initiative. This shift positions Xinjiang as a key player in energy security and coal chemical industry development [8][9][11] - The report identifies two main investment themes: coal chemical investments and state-owned enterprise reforms in Xinjiang, suggesting that these areas are poised for significant growth and opportunities [12][11] Industry Overview - Xinjiang's coal chemical industry is expected to benefit from favorable external conditions, including rising coal prices and a shift towards resource-based industrial policies that favor western development [8][9] - The report outlines the internal advantages of Xinjiang for coal chemical development, such as improved transportation infrastructure, industrial development conditions, and enhanced human resources [9][10] Key Data Tracking - The Xinjiang index stands at 118.93, with a week-on-week decrease of 1.15%. The coal chemical investment index is at 115.43, showing a slight increase of 0.17%, while the state-owned enterprise reform index is at 121.48, down by 1.74% [15] - Key prices in Xinjiang include Q5000 mixed coal at 100 CNY/ton, Q5200 mixed coal at 197 CNY/ton, and urea at 1534 CNY/ton, with significant price differentials compared to other regions [21][30] Recent Developments - The report highlights the commencement of the EPC contract for the 800,000 tons/year coal-to-olefins project by Xinjiang Shanneng Chemical Co., with China Petroleum Engineering Construction Co. as the contractor [36][42] - Recent announcements include significant investments in coal chemical projects, such as the 20 billion cubic meters/year coal-to-natural gas project by TBEA and the 80,000 tons/year coal-to-olefins project by Xinjiang Dongming Plastics [43][39] Company Performance - Companies like Daqo Energy and Tianshan Shares have shown significant stock price increases, with Daqo Energy rising by 16.38% and Tianshan Shares by 12.54% in the recent week [15][18] - The report notes that state-owned enterprises in Xinjiang are undergoing reforms, which may lead to enhanced operational efficiencies and asset optimization [11][12]