Group 1: PMI Data Overview - The manufacturing PMI for August is 49.4%, slightly up from 49.3% in the previous month[2] - The production index within PMI is at 50.8%, an increase of 0.3 percentage points from 50.5%[10] - The new orders index is at 49.5%, up from 49.4% previously, while the new export orders index is at 47.2%, slightly up from 47.1%[10] Group 2: Sector Performance - High-tech manufacturing PMI rose to 51.9%, a significant increase of 1.3 percentage points from 50.6%[4] - The construction sector's business activity index dropped to 49.1%, down 1.5 percentage points from 50.6%[3] - The service sector's business activity index increased to 50.5%, marking a 0.5 percentage point rise, reaching a yearly high[3] Group 3: Economic Indicators - The manufacturing production expectation index is at 53.7%, up 1.1 percentage points from the previous month[4] - High-tech manufacturing profits increased by 18.9%, reversing a 0.9% decline in June, contributing to a 2.9 percentage point acceleration in overall industrial profit growth[4] - The comprehensive PMI output index is at 50.5%, up 0.3 percentage points, indicating continued expansion in production activities[14]

证 券 研 究 报 告 ❖ 2025 年 8 月 27 日，达梦数据发布 2025 年半年报。报告期内，公司实现营业 收入5.23亿元，同比增长48.65%；实现归母净利润2.05亿元，同比增长98.36%； 扣非净利润 1.89 亿元，同比增长 98.14%。 基础软件及管理办公软件 2025 年 08 月 31 日 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,044 | 1,515 | 2,168 | 3,037 | | 同比增速(%) | 31.5% | 45.1% | 43.1% | 40.1% | | 归母净利润(百万) | 362 | 555 | 822 | 1,150 | | 同比增速(%) | 22.2% | 53.5% | 48.0% | 40.0% | | 每股盈利(元) | 3.20 | 4.90 | 7.25 | 10.16 | | 市盈率(倍) | 81 | 53 | 36 | 26 | | 市 ...

证 券 研 究 报 告 招商银行（600036）2025 年半年报点评 推荐（维持） 业绩增速转正，价值银行优势巩固 目标价：52.9 元 事项： ❖ 8 月 29 日，招商银行披露 2025 年中报，2025H1 实现营收 1699.69 亿元，同比 -1.72%（1Q25 同比-3.1%），归母净利润 749.30 亿元，同比+0.25%（1Q25 同比 -2.1%）；不良率 0.93%，较年初-2bp，拨备覆盖率 410.93%，较年初-1.05pct。 评论： 公司研究 全国性股份制银行Ⅲ 2025 年 08 月 31 日 当前价：42.89 元 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：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：林宛慧 邮箱：linwanhui@hcyjs.com 执业编号：S0360524110001 公司基本数据 | 总股本(万股) | 2,521,984.56 | | --- | --- | | 已上市流通 ...

金融工程 证 券 研 究 报 告 短期：成交量模型所有宽基指数看多。低波动率模型中性。特征龙虎榜机构模 型看空。特征成交量模型看多。智能算法沪深 300 模型看多，智能算法中证 500 模型看多。 中期：涨跌停模型中性。月历效应模型中性。 长期：长期动量模型看多。 综合：A 股综合兵器 V3 模型看多。A 股综合国证 2000 模型看多。 港股模型： 中期：成交额倒波幅模型看多。 本周行业指数涨跌互现，涨幅前五的行业为：通信、有色金属、电子、电力设 备及新能源、农林牧渔，跌幅前五的行业为：煤炭、纺织服装、综合金融、银 行、交通运输。从资金流向角度来说，所有行业主力资金净流出，其中计算机、 电子、机械、医药、基础化工主力资金净流出居前。 【金工周报】（20250825-20250829） 部分指数依旧看多，后市或存在风格切换 ❖ 本周回顾 本周市场普遍上涨，上证指数单周上涨 0.84%，创业板指单周上涨 7.74%。 A 股模型： 本周股票型基金总仓位为 97.41%，相较于上周减少了 130 个 bps，混合型基金 总仓位 95.27%，相较于上周减少了 8 个 bps。 本周电力设备及新能源与有色金属获得最 ...

证 券 研 究 报 告 东亚机械（301028）2025 年半年报点评 强推（维持） 盈利能力保持优异，离心压缩机取得订单打 开成长空间 事项： ❖ 公司发布 2025 年半年报。公司 2025H1 实现收入 6.26 亿元，同比+3.44%，实 现归母净利润 1.25 亿元，同比+4.36%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,140 | 1,330 | 1,572 | 1,858 | | 同比增速(%) | 18.9% | 16.6% | 18.2% | 18.2% | | 归母净利润(百万) | 217 | 257 | 304 | 359 | | 同比增速(%) | 33.2% | 18.3% | 18.3% | 18.0% | | 每股盈利(元) | 0.57 | 0.67 | 0.79 | 0.93 | | 市盈率(倍) | 25 | 21 | 18 | 15 | | 市净率(倍) | 3.6 | 3 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expected outperformance of 10%-20% relative to the benchmark index over the next six months [2][25]. Core Views - The company's revenue and performance are stable and improving, with a mid-term dividend payout ratio of 33% [2]. - The company reported a 1H25 operating income of 13.44 billion yuan, a year-on-year decrease of 3.4%, and a net profit attributable to shareholders of 7.013 billion yuan, a year-on-year increase of 0.6% [2]. - The non-performing loan ratio has remained stable at 0.97% for five consecutive quarters, while the provision coverage ratio decreased by 2.7 percentage points to 336.6% [2]. Financial Performance Summary - 1H25 revenue growth returned to positive at 0.76%, with a quarter-on-quarter increase of 8.2 percentage points, driven by a narrowing decline in non-interest income and growth in other non-interest income [9]. - The company effectively controlled costs, with business and management expenses decreasing by 7.5% year-on-year, leading to a cost-to-income ratio decline of 1.2 percentage points to 27.9% [9]. - The company's asset and loan growth rates are stable at around 6%, with retail loans showing a year-on-year increase of 1.8% [9]. - The second quarter annualized net interest margin slightly increased by 1 basis point to 1.36%, with a narrowing decline in asset yield [9]. - The company has a solid asset quality, with a non-performing loan net generation rate decreasing to 0.31%, indicating a low level of risk [9]. Investment Recommendations - The company is expected to maintain stable performance, with a projected revenue growth of -3.1%, 4.9%, and 5.8% for 2025E-2027E, and net profit growth of 1.0%, 1.1%, and 4.0% respectively [9]. - The current stock price corresponds to a 2025E price-to-book (PB) ratio of 0.67X, while the target PB is set at 0.75X, leading to a target price of 9.72 yuan [9].

公司研究 证 券 研 究 报 告 协创数据（300857）2025 年半年报点评 强推（维持） "算力底座+云端服务+智能终端"三位一体， 把握全球化布局 事项： 公司发布 2025 年半年报：公司 2025 年上半年实现营收 49.44 亿元 （YoY+38.18%），实现归母净利润 4.32 亿元（YoY+20.76%），实现扣非归母 净利润 4.20 亿元（YoY+18.59%）。单季度来看，25Q2 公司实现营收 28.67 亿 元（YoY+57.58%，QoQ+38%），实现归母净利润 2.63 亿元（YoY+34.42%， QoQ+55.34%），实现扣非归母净利润 2.54 亿元（YoY+32.72%，QoQ+53.68%）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 7,410 | 10,430 | 13,369 | 16,434 | | 同比增速(%) | 59.1% | 40.8% | 28.2% | ...

经营务实调整，股息率成支撑 目标价：5.1 港元 中国飞鹤（06186.HK）2025 年中报点评 推荐（维持） 事项： ❖ 公司发布 2025 年中报。25H1 实现主营收入 91.51 亿元，同比-9.36%；归母净 利润 10 亿元，同比-46.66%。公司宣布派发中期股息每股 0.1209 港元，合计 人民币 10 亿元。 证 券 研 究 报 告 当前价：4.39 港元 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：范子盼 邮箱：fanzipan@hcyjs.com 执业编号：S0360520090001 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 20,749 | 18,792 | 19,835 | 20,469 | | 同比增速(%) | 5.6% | -9.4% | 5.5% | 3.2% | | 归母净利润(百万) | 3, ...

Investment Rating - The report maintains a "Recommended" investment rating for Hansoh Pharmaceutical (03692.HK) [1] Core Views - The company's revenue for the first half of 2025 reached 7.434 billion yuan, representing a year-on-year increase of 14.3%. Sales from innovative drugs and cooperative products amounted to approximately 6.145 billion yuan, up 22.1%, accounting for about 82.7% of total revenue [1] - Net profit for the same period was 3.135 billion yuan, reflecting a growth of 15.0%. Research and development expenses were approximately 1.441 billion yuan, an increase of 20.4%, constituting 19.4% of total revenue [1] - The report highlights the continuous advancement of the core pipeline and the robust growth driven by innovative drug revenues, with a focus on internationalization strategies [7] Financial Summary - Total revenue projections for 2025-2027 are estimated at 141.63 billion yuan, 155.41 billion yuan, and 179.87 billion yuan, with year-on-year growth rates of 15.5%, 9.7%, and 15.7% respectively [7] - The net profit for the same period is projected to be 51.88 billion yuan, 54.47 billion yuan, and 59.96 billion yuan, with growth rates of 18.7%, 5.0%, and 10.1% respectively [7] - The earnings per share (EPS) is expected to increase from 0.74 yuan in 2024 to 0.99 yuan in 2027 [9] Market Performance - The report indicates that the innovative drug revenue continues to rise, significantly contributing to the company's performance. The revenue breakdown includes 4.531 billion yuan from oncology, 735 million yuan from anti-infection, 768 million yuan from central nervous system, and 1.4 billion yuan from metabolic and other diseases [7] - The company has made significant progress in expanding its core products' indications, including new approvals for Amivantamab and the acceptance of applications for the indications of Inalizumab [7] Pipeline Development - The company is conducting over 70 clinical trials across more than 40 candidate innovative drugs, with 8 new candidates entering clinical trials during the reporting period [7] - Key registration phase III clinical trials include treatments for bone and soft tissue sarcoma, ovarian cancer, and moderate to severe plaque psoriasis [7]

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [7][17]. Core Insights - The company's main business in the infant and toy sectors faced slight pressure in the first half of 2025, but there is optimism for the second half, particularly in the trendy toy segment and the expansion of plush products [1][6]. - For the first half of 2025, the company reported total revenue of 1.198 billion yuan, a year-over-year decrease of 8.17%. The net profit attributable to the parent company was 37 million yuan, down 32.71% year-over-year, while the net profit after deducting non-recurring items was 33 million yuan, down 46.22% year-over-year [1][3]. - The company is actively expanding its product lines and innovating within its business segments, particularly in trendy toys and IP development, which are expected to drive future growth [6][7]. Financial Summary - Total revenue projections for the company are as follows: 2,715 million yuan in 2024, 2,751 million yuan in 2025, 2,962 million yuan in 2026, and 3,083 million yuan in 2027, with corresponding year-over-year growth rates of -0.9%, 1.3%, 7.7%, and 4.1% respectively [3][8]. - The net profit attributable to the parent company is projected to recover from a loss of 285 million yuan in 2024 to 97 million yuan in 2025, 150 million yuan in 2026, and 181 million yuan in 2027, reflecting significant year-over-year growth rates of 134.1% in 2025, 53.5% in 2026, and 21.3% in 2027 [3][8]. - The company's earnings per share (EPS) is expected to improve from -0.19 yuan in 2024 to 0.07 yuan in 2025, 0.10 yuan in 2026, and 0.12 yuan in 2027 [3][8].