Market Sentiment - The current market sentiment score is 73, indicating a "relatively hot" market condition, which suggests a gradual upward trend supported by recent improvements in market sentiment and policy support [6][9][20]. Hot Themes Tracking - **Robotics Theme**: Nvidia is set to launch a new "brain" for robots, generating interest in related stocks such as Wolong Electric Drive (600580) and Changsheng Bearing (300718) [6]. - **GPU Theme**: The Ministry of Industry and Information Technology emphasizes the need to enhance computing power resources and promote the development of GPU chips, with related stocks including Loongson Technology (688047) and Jingjia Micro (300474) [6]. - **Rare Earth Theme**: The rare earth sector is gaining traction, with a recent seminar focusing on the integration of rare earth materials with low-altitude economy and robotics, involving companies like Northern Rare Earth (600111) and Guangsheng Nonferrous Metals (600259) [6]. Capital Flow Analysis - The top ten stocks with the highest net inflow include Dongfang Caifu (300059) with a net inflow of 323.69 million, followed by Tongfu Microelectronics (002156) at 179.80 million [10]. - The top ten stocks with the highest financing net purchases include Dongfang Caifu (300059) at 152.28 million and Ningde Times (300750) at 125.01 million [11]. - The top ten stocks with the highest net outflow include Lingyi iTech (002600) with a net outflow of -202.37 million and Gree Electric Appliances (000651) at -171.36 million [21]. Industry Insights - The electronics sector shows significant net inflow, indicating strong investor interest, while the machinery and automotive sectors are experiencing notable net outflows, suggesting caution among investors [15][16][21].

2025 年 08 月 31 日 九月策略和十大金股 —9 月十大金股 投资要点 ▌ 总量观点 海外关注行业关税、经济成色、降息指引和流动性影响。 美股资金提前防御，降息交易轮动，先关注困境反转的金 融、保健和地产，及降息受益的美债和黄金。国内经济边 际放缓，但重点行业延续扩张，供需矛盾逐步缓解，价格 指数连续回升，PPI 止跌值得期待。A 股快速拉升后分歧初 现，关注监管风向和散户入市进度。三大再平衡支撑下的 A 股有望震荡上行，把握科技轮动、降息交易和 PPI 回升利好 行业机会。 行业选择：1）科技轮动。关注科技成长内部的高低切换， 如机器人、创新药、军工、半导体、消费电子等。2）降息 交易。海外降息在即，中美货币宽松共振利好的 TMT、有 色、非银等。3）PPI 回升。PPI 回升拐点确认后，上游周 期、中游制造和下游消费有望受益，如有色、化工；电力 设备、机械；美护、食饮、农林牧渔等。 ▌ 本期金股组合： 电子：蓝思科技（300433.SZ） 电子：盛科通信-U（688702.SH） 电子：生益电子（688183.SH） 中小盘：思泉新材（301489.SZ） 新能源：浙江荣泰（603119.SH） ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Views - The company's main operations are stable, focusing on cost control and efficiency improvements to optimize profitability [1] - In H1 2025, total revenue reached 2.07 billion yuan, a 16% year-on-year increase, while net profit attributable to shareholders was 171 million yuan, up 26% year-on-year [1] - The company is expected to continue benefiting from the growth in its product lines and channel diversification [3][4] Revenue and Profitability - In Q2 2025, total revenue was 1.02 billion yuan, reflecting an 18% year-on-year increase, with net profit growing by 41% to 82 million yuan [1][2] - The gross margin in Q2 2025 decreased by 2 percentage points to 30.72% due to high raw material costs, but the net profit margin increased by 1 percentage point to 7.90% [2] - The company is implementing precise cost control measures and benefiting from economies of scale [2] Product Performance - Frozen baked goods revenue in H1 2025 was 1.125 billion yuan, a 6% increase, driven by new product introductions [3] - Cream revenue reached 558 million yuan in H1 2025, up 29%, with plans to expand the product matrix [3] - Sauce revenue grew by 36% to 142 million yuan, supported by strong orders from core restaurant chain clients [3] Channel Development - Revenue from distribution channels in H1 2025 was 1.053 billion yuan, a 9% increase, while direct sales channels saw a 26% increase to 999 million yuan [4] - Retail channel revenue surged by 105% to 7 million yuan, indicating successful adaptation to diverse consumer channels [4] Profit Forecast - The company's earnings per share (EPS) are projected to be 2.12 yuan in 2025, 2.56 yuan in 2026, and 2.98 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 24, 20, and 17 times [8][10] - The company is expected to achieve a net profit of 359 million yuan in 2025, reflecting a 33.9% growth rate [10]

买入(维持) 事件 分析师：任春阳 S1050521110006 rency@cfsc.com.cn | 基本数据 | 2025-08-29 | | --- | --- | | 当前股价（元） | 103.08 | | 总市值（亿元） | 129 | | 总股本（百万股） | 125 | | 流通股本（百万股） | 125 | | 52 周价格范围（元） | 27.97-106.39 | | 日均成交额（百万元） | 241.27 | 2025 年 08 月 29 日 现金流大幅增长，布局 AI 服务器与人形机器人 领域 市场表现 -50 0 50 100 150 200 250 300 (%) 唯科科技 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《唯科科技（301196）：现金流 增速亮眼，海外产能可期》2025- 04-24 2、《唯科科技（301196）：注塑模 具名企加码新能源产品，供货全球 电机巨头》2025-02-19 —唯科科技（301196.SZ）公司事件点评报告 2025 年 8 月 27 日，唯科科技发布 2025 中报。 2025 年 H1 公司实现营收 10.87 亿 ...

2025 年 08 月 29 日 数字化赋能全球协同，一站式供应链壁垒凸显 —怡合达（301029.SZ）公司事件点评报告 买入(首次) 事件 怡合达于 2025 年 8 月 14 日发布 2025 年半年度报告，2025 年上半年实现营业收入 14.61 亿元，比 2024 年同期增长 18.7%；实现归母净利润 2.82 亿元，同比增长 26.49%；实现 投资要点 ▌产业政策红利持续释放，自动化设备国产化加速替 代 公司所处自动化设备零部件行业受益于国家政策强力支持与市 场需求结构性增长，国家层面推动制造业转型升级与设备更新 政策为行业创造了有利环境。《推动大规模设备更新和消费品 以旧换新行动方案》等政策直接刺激自动化设备需求，中央财 政设立专项资金支持企业采购高端装备。同时市场层面，适龄 劳动力占比由 2010 年 74.5%降至 2024 年 68.6%，推动"机器换 人"趋势深化，自动化设备国产化率目标 2025 年超 70%。下游 新能源锂电、光伏、汽车等领域高速增长，2024 年动力电池装 机量同比大幅增长至 47.6%，为公司业务拓展提供广阔市场空 间。宏观政策与人口结构变化共同驱动行业长期 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9] Core Views - The company demonstrates strong resilience in performance with steady growth in its main business [1][4] - The report highlights a favorable trend in gross margin due to declining raw material prices, with a projected annual gross margin optimization [5] - The company is actively optimizing its channel strategies and enhancing resource allocation, leading to stable revenue growth despite high baselines [9] Financial Performance - For H1 2025, total revenue reached 15.23 billion yuan, representing an 8% year-on-year increase, while net profit attributable to shareholders was 3.91 billion yuan, up 13% [4] - In Q2 2025, total revenue was 6.92 billion yuan, with a 7% year-on-year increase, and net profit of 1.71 billion yuan, reflecting a 12% increase [4] - The gross margin in Q2 2025 increased by 4 percentage points to 40.21%, driven by lower raw material costs [5] Product and Channel Development - The company reported a 10% increase in soy sauce revenue, reaching 3.51 billion yuan in Q2 2025, supported by customized business expansion and new product penetration [6] - The offline channel revenue for Q2 2025 was 6.16 billion yuan, up 9%, while online channel revenue surged by 35% to 425 million yuan [6] Employee Incentives - The company has introduced an employee stock ownership plan aimed at core management and key employees, with a performance target of at least 10.8% growth in net profit for 2025 [7] Earnings Forecast - The report adjusts the earnings per share (EPS) forecasts for 2025-2027 to 1.22, 1.34, and 1.45 yuan respectively, with corresponding price-to-earnings (PE) ratios of 34, 31, and 29 times [9][11]

Investment Rating - The report maintains a "Buy" investment rating for Qianwei Central Kitchen (001215.SZ) [1] Core Views - The company's H1 2025 total revenue was 886 million yuan, a decrease of 1% year-on-year, while the net profit attributable to shareholders was 36 million yuan, down 40% year-on-year [1] - The decline in profitability is attributed to changes in product structure, but the customized business is progressing smoothly [1][4] Summary by Sections Financial Performance - In Q2 2025, total revenue was 415 million yuan, a decrease of 3% year-on-year, with a net profit of 14 million yuan, down 42% year-on-year [1] - The gross margin in Q2 2025 decreased by 2 percentage points to 22.66%, primarily due to changes in product structure [2] - The net profit margin also decreased by 2 percentage points to 3.43% [2] Product and Channel Development - Revenue from staple foods and snacks in H1 2025 was 413 million yuan and 197 million yuan, respectively, both showing declines of 9% and 7% year-on-year [3] - The bakery products segment saw revenue of 205 million yuan in H1 2025, an increase of 11% year-on-year, driven by demand for customized bakery products from large clients [3] - The company is focusing on extending its traditional products and enhancing product value and user experience [3] Profitability Forecast - The report projects EPS for 2025-2027 to be 0.84, 0.94, and 1.06 yuan, respectively, with corresponding PE ratios of 35, 31, and 28 times [4] - The company is expected to leverage its long-term product development capabilities and flexible production to meet new retail client demands, which may lead to new growth points [4]

证 券 研 究 报 告 策略深度报告 居民存款入市：A股主升的增量资金主力 报告日期： 2025年08月29日 ◼ 分析师：杨芹芹 ◼ SAC编号：S1050523040001 ◼ 联系人：卫正 ◼ SAC编号：S1050124080020 投 资 要 点 核心结论： A股牛市多经历起步（普涨，政策利好和低估低配）- 整固（分化，价值蓝筹）-主升（上攻，科技成长+战略主题）- 赶顶（突破，题材泡沫+消费）四个阶段。 随着7月宏观顺风回归，M1回升，M2-M1剪刀差收窄，PPI触底回升，叠加A股近12月累计涨幅超过20%，居民存款加速入市，助力A股主升行情，期间债券震荡调整 。 预防性存款与债券独秀 2022/8-2024/8：债券配置行情，A股单边下行 宏观背景：经济相对走弱，PPI与M1双双走低，地产与股市承压 居民应对：提前还贷，预防性存款成为"主流"，资金"不转" 资产表现：债市开启配置行情，并逐步向类债资产扩散；股市单边下行，红利防御占优。 存款正常化与股债平衡 2024/9-2025/6：债券交易机会，A股震荡行情 宏观背景：经济震荡回稳，资金活跃度回升 居民应对：低利率 VS 资产荒的存款正常化 ...

2025 年 08 月 29 日 风电行业业绩高速增长，全球化与创新双轮巩固 行业地位 买入(维持) 事件 分析师：尤少炜 S1050525030002 yousw@cfsc.com.cn | 基本数据 | 2025-08-28 | | --- | --- | | 当前股价（元） | 36.73 | | 总市值（亿元） | 78 | | 总股本（百万股） | 213 | | 流通股本（百万股） | 213 | | 52 周价格范围（元） | 21.98-40.75 | | 日均成交额（百万元） | 164.96 | 市场表现 相关研究 1、《中际联合（605305）：深耕高 空安全设备，推动多领域拓展》 2024-05-16 2、《中际联合（605305）：深耕高 空安全作业设备，多元化发展打开 增长空间》2024-02-02 2025 年上半年，风电行业在"十四五"收官之年迎来高速发 展，全球新增风电装机容量达 117GW，中国风电累计并网容量 同比增长 22.7%。国家能源局发布《电力系统调节能力优化专 项行动实施方案》，推动新能源上网电价全面市场化。中际联 合深耕风电领域，其齿轮齿条升降机、双机联动登塔 ...

Investment Rating - The report maintains a "Recommended" investment rating for the industry [9]. Core Insights - The report highlights that NVIDIA continues to experience rapid revenue and profit growth, driven by its leadership in AI infrastructure and diverse business segments [9]. - The data center business is a significant contributor, accounting for nearly 90% of total revenue, with a total revenue of $46.7 billion, representing a 56% year-over-year increase [4][9]. - The report emphasizes NVIDIA's strategic collaborations and product innovations, particularly in AI and gaming sectors, which are expected to enhance its market position [9]. Revenue and Profit Performance - Total revenue for the second quarter reached $46.7 billion, with a year-over-year growth of 56% and a quarter-over-quarter growth of 6% [4]. - Data center revenue was $41.1 billion, while gaming revenue was $4.3 billion, showing a year-over-year increase of 49% [4]. - The GAAP gross margin was 72.4%, with a net profit of $26.4 billion, reflecting a 59% year-over-year increase [4][9]. Customer and Ecosystem Expansion - NVIDIA has expanded its customer base, deploying its RTX PRO 6000 Blackwell Server Edition with major companies like Disney and TSMC [4][6]. - The company is also enhancing its strategic partnerships in Europe to build AI cloud infrastructure aimed at industrial manufacturing [4][6]. Product and Technology Matrix - The Blackwell architecture has led to the launch of new products, including the GeForce RTX 5060, which achieved record shipping speeds [7]. - NVIDIA's DLSS 4 technology is now available in over 175 games and applications, indicating broad market penetration [7]. AI Empowerment - AI is identified as a core driver of NVIDIA's strategy, with significant advancements in training and inference capabilities [8]. - The company has collaborated with OpenAI to support the gpt-oss model, showcasing its commitment to AI innovation [8].