2025 年 09 月 15 日 开源晨会 0915 其 他 研 究 数据来源：聚源 -40% 0% 40% 80% 120% 2024-09 2025-01 2025-05 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 有色金属 | 1.955 | | 房地产 | 1.507 | | 钢铁 | 1.409 | | 电子 | 1.158 | | 建筑装饰 | 0.961 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 通信 | -2.129 | | 综合 | -1.948 | | 美容护理 | -1.522 | | 银行 | -1.517 | | 非银金融 | -1.462 | | 数据来源：聚源 | | | 观点精粹 | | --- | | 总量视角 | | 【宏观经济】8 月金融数据背后的基数和结构性效应——宏观经济点评-20250913 | | 【宏观经济】美联储或将开启连续降息——美国 8 月 CPI 点评-20250912 | | 【策略】从纺锤策略看港股、创业板的 ...

投资评级：看好（维持） 社会服务 2025 年 09 月 14 日 行业走势图 数据来源：聚源 0% 12% 24% 36% 48% 60% 2024-09 2025-01 2025-05 社会服务 沪深300 相关研究报告 《长白山 8 月客流创新高，美图接入 NANO BANANA — 行业周报》 -2025.9.7 《2025H1 龙头公司业绩亮眼，关注职 教、美护、社交—行业周报》-2025.8.31 《潮玩龙头引领全球风潮，中餐关注 到家场景增量 — 行业周报》 -2025.8.24 中国赴柬游客高增，关注"现炒、现制"中餐龙头 ——行业周报 | 初敏（分析师） | 李睿娴（分析师） | 程婧雅（分析师） | | --- | --- | --- | | chumin@kysec.cn | liruixian@kysec.cn | chengjingya@kysec.cn | | 证书编号：S0790522080008 | 证书编号：S0790525020004 | 证书编号：S0790525070010 | 旅游/潮玩：十一假期酒旅预订升温，2025H1 闲鱼潮玩二手订单量高增 十一假期：航旅纵横数 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the launch of the "Gaode Street Ranking," which aims to reconstruct the trust framework in offline services through real navigation and travel behavior data [23][27] - The report emphasizes the importance of emotional consumption themes and suggests focusing on high-quality companies in high-growth sectors [6][29] Summary by Sections Retail Market Review - The retail industry index closed at 2396.85 points, up 0.85% for the week, underperforming the Shanghai Composite Index, which rose by 1.52% [12][20] - Among retail sub-sectors, the supermarket sector had the highest weekly increase of 4.78%, while the watch and jewelry sector led with a year-to-date increase of 35.68% [14][18] Industry Dynamics - The launch of the "Gaode Street Ranking" is positioned as a significant step for Alibaba to transition from a navigation platform to a comprehensive local service platform, enhancing user experience and trust [23][27] - The ranking system incorporates real user behavior and credit filtering to provide authentic feedback, potentially disrupting the existing "to-store" business landscape dominated by Meituan and Dianping [27][29] Investment Recommendations - Investment Theme 1: Focus on differentiated gold and jewelry brands with deep consumer insights, recommending companies like Laopu Gold and Chaohongji [6][31] - Investment Theme 2: Highlight retail enterprises that adapt to trends and actively explore changes, recommending Yonghui Supermarket and Aiyingshi [6][29] - Investment Theme 3: Emphasize high-quality domestic beauty brands with differentiated capabilities, recommending brands like Maogeping and Pola [6][30] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers, recommending Aimeike and Kedi-B [6][30] Company Performance Highlights - Laopu Gold reported a revenue of 12.354 billion yuan in H1 2025, a year-on-year increase of 250.9%, with a net profit of 2.268 billion yuan, up 285.8% [38][39] - Chaohongji achieved a revenue of 4.102 billion yuan in H1 2025, a 19.5% increase, with a net profit of 331 million yuan, up 44.3% [41][42] - Maogeping reported a revenue of 2.588 billion yuan in H1 2025, a 31.3% increase, with a net profit of 670 million yuan, up 36.1% [31][34]

电力设备 ——行业周报 殷晟路（分析师） 电力设备 2025 年 09 月 14 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -17% 0% 17% 34% 50% 67% 84% 2024-09 2025-01 2025-05 电力设备 沪深300 相关研究报告 《固态电池行业周报（第十三期）： 先导智能已打通全固态电池量产工艺 环节，亿纬锂能"龙泉二号"全固态 电池下线—行业周报》-2025.9.7 《低空经济行业周报（第三十二期）： 2025 低空经济发展大会在芜湖开幕， 四创电子"低空雪亮"安全监管系统 亮相—行业周报》-2025.9.6 《固态电池行业周报（第十二期）： 华域汽车拟收购上汽清陶 49%股权， 正式入局固态电池领域—行业周报》 -2025.8.31 低空经济行业周报（第三十三期）：小鹏汇天"陆地 航母"获颁中国企业首张海外有人驾驶航空器飞行 证，时的科技与 Autocraft 签署 350 架 eVTOL 协议 yinshenglu@kysec.cn 证书编号：S0790522080001 小鹏汇天"陆地航母"获颁中国企业首张海外有人驾驶航空器飞行证，时的 科技与 Auto ...

电力设备 电力设备 2025 年 09 月 14 日 固态电池行业周报（第十四期）：先导智能干法设备 成功交付降本超 15%，恩捷股份 10 吨级的固态电解 质产线已投产 ——行业周报 殷晟路（分析师） 电力设备 沪深300 yinshenglu@kysec.cn 证书编号：S0790522080001 先导智能干法设备成功交付降本超 15%，恩捷股份 10 吨级的固态电解质产线 已投产 （1）材料：9 月 11 日，恩捷股份在接受机构调研时表示，在全固态电池材料布 局方面，高纯硫化锂产品已完成小试吨级年产能建设和运行，其中硫化锂中试线 已经搭建完成，10 吨级的固态电解质产线已经投产，具备出货能力，公司将继 续投入研发，积极开拓市场，加深与客户的合作和技术交流，推动行业技术发展。 （2）设备：9 月 10 日，海目星在投资者互动平台表示，在固态电池设备领域， 公司已成功打通锂金属固态电池量产的全线工艺环节，并已经获得 2GWh 固态 电池价值 4 亿元量产设备订单，这也是行业内首个高能量锂金属固态电池设备的 可量产商用订单。（3）下游：近日，奔驰 EQS 搭载固态电池完成德国至瑞典 1205 公里测试，剩余 ...

行 业 研 究 2025 年 09 月 14 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 0% 12% 24% 36% 48% 60% 2024-09 2025-01 2025-05 房地产 沪深300 相关研究报告 《2025 上半年房地产行业综述：行业 仍处于缩表进程，关注重点房企边际 改善—行业点评报告》-2025.9.10 《深圳政策调整点评：八个行政区限 购大幅放松，有望对金九银十形成支 撑—行业点评报告》-2025.9.8 《新房成交面积同环比下降，深圳购 房政策放松—行业周报》-2025.9.7 新房成交面积同环比下降，主动适应城市发展阶段新 变化 | ——行业周报 | | --- | | qidong@kysec.cn | | --- | | 证书编号：S0790522010002 | | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S07905 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The green transformation accelerates the upgrade of the supply structure in the building materials industry, with a focus on innovative measures to promote the industry's shift towards green and intelligent development [4] - The report highlights the positive impact of government policies, such as the "Three-Year Action Plan for the Promotion of Green Building Materials Industry" in Hubei Province, which aims to reshape the industrial structure [4] - Key recommended companies include: Sanke Tree (channel penetration, retail expansion), Dongfang Yuhong (waterproof leader, operational structure optimization), Weixing New Materials (high-quality operations, high retail business proportion), and Jianlang Hardware [4] - Beneficiary stocks in the cement sector include: Conch Cement, Huaxin Cement, and Shangfeng Cement, with a focus on energy-saving and carbon reduction initiatives [4] Market Performance - The building materials index rose by 2.45% in the week from September 8 to September 12, outperforming the CSI 300 index by 1.07 percentage points [5][14] - Over the past three months, the CSI 300 index increased by 15.83%, while the building materials index rose by 21.65%, indicating a 5.83 percentage point outperformance [5][14] - In the past year, the CSI 300 index increased by 43.14%, while the building materials index rose by 52.13%, showing a 9.00 percentage point outperformance [5][14] Cement Sector - As of September 12, the average price of P.O42.5 bulk cement nationwide was 275.03 yuan/ton, with a slight increase of 0.01% month-on-month [27] - The clinker inventory ratio nationwide was 62.59%, down by 0.79 percentage points [28] - Regional price variations were noted, with Northeast prices decreasing by 2.17% and North China prices increasing by 2.22% [27][31] Glass Sector - The average price of float glass as of September 12 was 1202.33 yuan/ton, reflecting a week-on-week increase of 1.01% [78] - The inventory of float glass decreased by 1.86%, with a total of 55 million weight boxes [80] - The price of photovoltaic glass remained stable at 125.00 yuan/weight box [84] Valuation Metrics - The average price-to-earnings (PE) ratio for the building materials sector is 29.36 times, ranking it 15th from the bottom among all A-share industries [23] - The price-to-book (PB) ratio is 1.34 times, ranking it 8th from the bottom among all A-share industries [32]

2025 年 09 月 14 日 煤价于长协基准处再迎反弹，煤炭布局稳扎稳打 ——行业周报 投资评级：看好（维持） 行业走势图 煤炭 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-09 2025-01 2025-05 煤炭 沪深300 相关研究报告 《非电煤和电煤接力换棒，秋季煤炭 布局稳扎稳打—行业周报》-2025.9.7 《非电煤接棒将利多煤价，煤炭布局 稳扎稳打—行业周报》-2025.8.31 《动力煤修复剑指第三目标 750 元， 煤炭布局稳扎稳打 —行业周报》- 2025.8.24 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 本周要闻回顾：动力煤价格于长协基准 675 元/吨处再迎反弹 动力煤方面：动力煤价格微涨，截至 9 月 12 日，秦港 Q5500 动力煤平仓价为 680 元/吨，环比上涨 1 元/吨，涨幅 0.15%；煤价在上冲 700 元之上之后回落至 675 元 /吨出现止跌，然后再次反弹，其中 675 元/吨是年度长协价格计算公式的基准价。 当前正处于夏季和秋季换挡期，后续金九银十的非电煤需求有望成为 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights that the distribution channels are experiencing a Matthew effect, which may intensify due to the recent fee reduction policies [9] - The report indicates that the non-bank financial sector is expected to outperform the overall market, driven by strong performance in fund sales channels [9] - The report emphasizes the increasing concentration in the distribution channels, with top institutions maintaining stable rankings while showing differentiation in performance across active equity, stock index, and bond fund sales [9] Summary by Relevant Sections Distribution Channel Performance - The top 100 distribution institutions' equity and non-cash holdings increased to 51.4 trillion and 102 trillion yuan respectively, reflecting a growth of 6% and 7% year-to-date [4] - The market share of banks in non-cash and equity categories has decreased, while the share of third-party and brokerage firms has increased [4][5] - The report notes that the market concentration (CR5) for equity and non-cash funds has risen to 44.2% and 41.3% respectively [5][9] Fund Performance - As of July 2025, the total AUM for equity and non-cash funds reached 87.5 trillion and 204.6 trillion yuan, marking a year-to-date increase of 9.9% and 6.5% [24] - The report indicates that the net redemption trend for active equity funds has eased, with a 12% increase in unit net value for active equity funds compared to an 8% increase for stock ETFs [5][24] Key Institutions - Ant Group, China Merchants Bank, and retail brokers are noted for their high growth rates in fund sales, with Ant Group's equity AUM reaching 8.229 trillion yuan, a 11% increase [7][12] - China Merchants Bank's equity AUM increased by 20% to 4.920 trillion yuan, driven by successful initiatives [6][12] - The report highlights the performance of top brokerage firms, with CITIC Securities, Huatai Securities, and Guotai Junan showing significant growth in equity AUM [8][12] Regulatory Impact - The report discusses the recent regulatory changes aimed at restructuring the competitive landscape of fund distribution, particularly affecting banks and brokerages that rely on front-end fees [9]

北交所策略专题报告 2025 年 09 月 14 日 深空经济十大产业引领未来，关注星图测控等航天稀缺高增长标的 北交所研究团队 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 深空经济十大产业引领未来，关注北证航天稀缺高增长优质标的 由深空探测实验室主办的首届深空经济与产业发展大会于9月4日在安徽合肥召 开，会上，深空探测实验室发布了深空资源开发、深空互联网、深空能源、深空 生物、深空运输、深空智能、深空建造、深空旅游、深空安全、深空文化十大深 空经济产业方向。目前北交所内航空航天、军工方向标的共有 19 家，截至 2025 年 9 月 12 日总市值达到 758.82 亿元。关注星图测控、富士达、创远信科等。星 图测控（920116.BJ）具备卫星全生命周期健康管理及测控装备一体化设计与智 能管控等核心技术，研发了具有完全知识产权、国产自主的洞察者系列产品。富 士达（835640.BJ）主营业务为射频同轴连接器、射频同轴电缆组件、射频电缆 等产品，广泛应用于通信及防务市场，主要客户包括中国航天科技集团、中国电 子科技集团等。创远信科（ ...