Investment Rating - The report maintains a "Buy-A" rating for the company [1][8] Core Views - The company is experiencing pressure on its performance in the first half of the year, but its industrial AI and robotics business is progressing rapidly [2][5] - The company has implemented comprehensive budget control and increased cost reduction efforts, resulting in a 2.28% year-on-year decrease in sales, management, and R&D expenses [5] - The company's revenue for the first half of 2025 was 3.83 billion yuan, a decrease of 9.92% year-on-year, and the net profit attributable to shareholders was 354 million yuan, down 31.46% year-on-year [6][8] Financial Performance - The company achieved a basic earnings per share (EPS) of 0.45 yuan and a diluted EPS of 0.45 yuan as of June 30, 2025 [3] - The net asset return rate (ROE) was 3.47% [3] - The company’s gross profit margin for the first half of 2025 was 32.08%, a decrease of 1.15 percentage points compared to the same period last year [7] Business Development - The company is accelerating its product integration and market layout in industrial AI, with the launch of the TPT 2 platform, which can provide solutions for industrial problems [5] - The robotics business has seen significant growth, with revenue of 1.10 billion yuan and new orders of 200 million yuan in the first half of 2025 [5] - The company has successfully implemented over 110 projects in various production scenarios, including major clients like Sinopec and Wanhua Chemical [5] Future Outlook - The company is expected to continue its growth trajectory, with projected EPS of 1.45, 1.61, and 1.77 yuan for 2025, 2026, and 2027 respectively [6][8] - The company is focusing on expanding its overseas market while enhancing its industrial AI and robotics business [6]

| 基础数据：2025 年 | 6 月 | 30 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | -0.31 | | 摊薄每股收益(元)： | | | -0.31 | | 每股净资产(元)： | | | 15.20 | | 净资产收益率(%)： | | | -1.97 | | 资料来源：最闻 | | | | 行业应用软件 中望软件（688083.SH） 增持-A(维持) 营收保持稳健增长，海外市场进一步提速 2025 年 9 月 5 日 公司研究/公司快报 公司近一年市场表现 事件描述 | 市场数据：2025 | 年 9 | 月 | 5 日 | | | --- | --- | --- | --- | --- | | 收盘价（元）： | | | | 69.89 | | 年内最高/最低（元）： | | | | 126.98/60.01 | | 流通 A | 股/总股本（亿 | | | 1.70/1.70 | | 股）： | | | | | | 流通 A | 股市值（亿）： | | | 118.52 | | 总市值（亿）： | | | | 118.52 | 分析 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6]. Core Views - The company is experiencing short-term pressure on performance, with expectations for increased production from the Morocco factory [1][6]. - The company reported a slight increase in total revenue for the first half of 2025, but a significant decline in net profit [1][4]. - A decrease in raw material costs is anticipated to positively impact the company's performance in the third quarter of 2025 [4][6]. Financial Performance Summary - For the first half of 2025, the company achieved total revenue of 4.12 billion yuan, a year-on-year increase of 0.2%, while net profit attributable to shareholders was 0.67 billion yuan, down 37.6% year-on-year [1][4]. - The company's tire production decreased by 3.21% year-on-year to 15.57 million units, with a slight increase in full steel tire production [3][4]. - The overall gross margin and net margin for the first half of 2025 were 24.60% and 16.31%, respectively, both showing significant declines compared to the previous year [3][4]. Future Projections - The company expects net profits for 2025, 2026, and 2027 to be 1.59 billion, 2.11 billion, and 2.46 billion yuan, respectively, with corresponding P/E ratios of 13, 10, and 8 times [6][9]. - The Morocco factory is projected to contribute positively to the company's performance as it ramps up production [5][6].

Market Trends - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,765.88, down 1.25%, and the Shenzhen Component Index down 2.83% [4] - The overall market saw a significant increase in trading volume, with A-share transaction amounts reaching 14.92 trillion yuan, a 15.29% increase week-on-week [7] Industry Commentary - The non-bank financial sector reported a substantial increase in brokerage performance, with 42 listed brokerages achieving a total revenue of 251.87 billion yuan, a year-on-year increase of 11.37%, and a net profit of 104.02 billion yuan, up 65.08% [6][7] - The communication sector is experiencing a surge in demand, particularly driven by Alibaba Cloud's Q2 performance, which exceeded expectations with a revenue increase of 26% to 33.4 billion yuan [8] Company Insights - Huafeng Technology (688629.SH) reported a significant revenue increase of 128.26% year-on-year, reaching 1.105 billion yuan in H1 2025, with a net profit of 151 million yuan, up 940.64% [10] - China General Nuclear Power Corporation (01164.HK) faced a revenue decline of 58% to 1.709 billion HKD in H1 2025, primarily due to accounting standards affecting trade business [12] - Kangchen Pharmaceutical (603590.SH) achieved a revenue of 460 million yuan in H1 2025, reflecting a growth of 13.8% [14] - Longjiang Securities (000783.SZ) reported a significant recovery in investment business, with a notable increase in operating performance [28] Investment Recommendations - The report suggests a "Buy-B" rating for Huafeng Technology, anticipating continued growth in the domestic AI server market and communication modules [10][11] - For China General Nuclear Power, a "Buy-B" rating is maintained, with expectations of recovery in profitability driven by strategic contracts and market demand [13] - Kangchen Pharmaceutical is also rated "Buy-B," with projected revenue growth driven by innovative drug development [14] Future Projections - Huafeng Technology is expected to continue benefiting from the domestic AI server market, with projections indicating a strong performance in the coming years [10][11] - China General Nuclear Power anticipates a rebound in net profit, with estimates of 3.76 billion HKD in 2025, growing significantly in subsequent years [13] - Kangchen Pharmaceutical forecasts revenues of 9.41 billion yuan by 2027, indicating robust growth potential [14]

Investment Rating - The report assigns a "Buy-B" rating to the company, indicating a positive outlook for its stock performance in the near term [1][3]. Core Insights - The company is positioned as an innovative pharmaceutical enterprise focusing on oncology, with promising candidates such as KAT6 inhibitor KC1086 and multi-target inhibitors like KC1036 and ZY5301 showing significant clinical efficacy [3][4]. - In the first half of 2025, the company reported revenue of 460 million yuan, reflecting a year-on-year growth of 13.8%, with further growth potential anticipated [3]. - Revenue projections for 2025-2027 are estimated at 941 million, 1.078 billion, and 1.265 billion yuan, respectively, with net profits expected to reach 133 million, 159 million, and 193 million yuan [3][8]. Company Overview - The company is actively developing multiple innovative drugs, including KC1086, which has shown over 90% inhibition in ER+/HER2- breast cancer models, and KC1036, which has demonstrated significant overall survival benefits in esophageal squamous cell carcinoma (ESCC) [4][5]. - ZY5301 is targeting chronic pelvic pain due to pelvic inflammatory disease, achieving a pain disappearance rate of 53.45% in high-dose groups during clinical trials [6]. Financial Data and Valuation - The company’s financial forecasts indicate a revenue increase from 920 million yuan in 2023 to 1.265 billion yuan in 2027, with a projected net profit growth from 150 million yuan to 193 million yuan over the same period [8][10]. - The projected P/E ratios for 2025, 2026, and 2027 are 67.6, 56.4, and 46.5, respectively, indicating a decreasing trend in valuation multiples as the company grows [8][10].

通信 周跟踪（20250825-20250831） 领先大市-A(维持) ——阿里云财报 CAPEX 超预期，国产算力超节点爆发正当时 2025 年 9 月 4 日 行业研究/行业周报 通信行业近一年市场表现 投资要点 行业动向： 资料来源：最闻 相关报告： 【山证通信】山西证券通信行业周 跟踪：英伟达 scale-across 新品加速 DCI 1）英伟达财报继续引领全球算力投资情绪，网络收入强劲环比增长带来光 模块乐观预期。上周，英伟达发布 2026 财年第二季度财报，公司第二财季营收 达到 467 亿美元，同比增长 56%，核心引擎数据中心业务收入达 411 亿美元，同 比增长 56%。在基数已经较大的基础上，英伟达仍然实现了略超一致预期的季度 表现，虽然对于下一季度的指引 540 亿美元收入未达市场乐观预期，英伟达在业 绩会上对于 2030 年全球 AI 基础设施 3 万亿至 4 万亿美元的市场预期仍然持续点 燃了市场情绪。值得关注的亮点是，除了 Blackwell 产品强势放量，收入环比增 长 17%外，GB300 量产进度也快于预期达到了每周约 1000 机架产能；而网络业 务表现及其亮眼，本季度 ...

李旋坤 执业登记编码：S0760523110004 邮箱：lixuankun@sxzq.com 王金源 执业登记编码：S0760525080001 邮箱：wangjinyuan@sxzq.com 中广核矿业（01164.HK） 买入-B(维持) 天然铀市场企稳回升，贸易不改向上趋势 | 月 | | --- | | 年 市场数据：2025 9 3 日(港元) | | 收盘价（元）： | 2.610 | | --- | --- | | 年内最高/最低（元）： | 2.870/1.190 | | 流通A股/总股本（亿）： | 76.01/76.01 | | 流通 股市值（亿）： A | 198.38 | | 总市值（亿）： | 198.38 | | 资料来源：最闻 | | | 基础数据：(港元) | | --- | | 基本每股收益(元)： | -0.01 | | --- | --- | | 摊薄每股收益(元)： | -0.01 | | 每股净资产(元)： | 0.51 | | 净资产收益率(%)： | -1.73 | | 资料来源：最闻 | | 资料来源：最闻 公司发布 25 年中报，贸易业务因集中交付前两年低价 ...

非银行金融 行业周报（20250825-20250831） 领先大市-A(维持) 非银行金融行业近一年市场表现 【山证非银行金融】券商分类评价优化， 行业并购重组再迎新进展-行业周报 （20250818-20250824）: 2025.8.28 【山证非银行金融】半年报陆续披露， 关 注 板 块 投 资 价 值 - 行 业 周 报 （20250811-20250817）： 2025.8.19 投资要点 分析师： 相关报告： 券商中报出炉，经纪投资贡献亮眼。受益于市场情绪回暖及交 投活跃度的提升，2025 年上半年上市券商业绩普遍回升，头部券商 表现稳健，部分中小券商弹性较强，9 家净利润增速达到 100%以上。 42 家上市券商实现营业收入合计 2518.66 亿元，同比增长 11.37%， 实现归母净利润合计 1040.17 亿元，同比增长 65.08%，年化 ROE 提升 2.63pct 达到 8.05%。除资管业务小幅下滑外，各项业务均实现 增长，其中，经纪业务实现收入 634.54 亿元，同比增长 43.98%； 投资业务实现收入 731.81 亿元，大幅增长 53.53%；利息净收入增 长 30.6 ...

新材料 蓝晓科技（300487.SZ） 买入-B(维持) 业绩稳健增长，大力投入生命科学板块，有望受益 DAC 产业化 2025 年 9 月 4 日 公司研究/公司快报 公司近一年市场表现 事件描述 2025 年上半年公司实现营业收入 12.47 亿元，同比减少 3.64%；利润总 额达到 5.01 亿元，同比增加 12.35%；实现归母净利润 4.45 亿元，同比增加 10.01%。2025 年二季度单季，公司实现营业收入 6.71 亿元，同比增加 1.06%； 实现归母净利润 2.51 亿元，同比增加 7%。 事件点评 毛利率进一步提升，受益于生科等高毛利产品占比提升及原材料价格回 落。报告期内，公司综合毛利率为 51.26%，同比上升 3.8 个百分点；其中， 吸附材料毛利率为 54.27%，增加 3.2 个百分点。吸附材料业务的毛利率进 一步提升，主要得益于生命科学、金属资源、超纯水等高毛利业务占比提升； 同时，报告期内苯乙烯等主要原材料价格有所回落。 公司拟投建生命科学高端材料产业园。项目预计总投资 11.50 亿元，建 设品种为层析介质、聚合物色谱填料、酶载体、小核酸载体、原料药及药用 辅料吸附分 ...

Investment Rating - The report maintains an "Add-B" rating for the company, indicating a positive outlook for the stock [4]. Core Views - The company's tire products have seen both volume and price increases, with expectations for the Serbia plant to turn profitable [4][6]. - The company reported a revenue of 11.81 billion yuan in H1 2025, a year-on-year increase of 13.8%, while net profit decreased by 7.7% [5][6]. - The report highlights a significant decrease in raw material costs, which is expected to positively impact the company's margins in Q3 2025 [6][7]. Financial Performance - In H1 2025, the company sold 44.39 million tires, a year-on-year increase of 11.2%, with Q2 sales reaching 22.98 million tires [6]. - The average selling price of tires increased by 0.29% from Q1 to Q2 2025 and by 5.24% year-on-year [6]. - The company’s net profit projections for 2025-2027 are 1.67 billion, 2.04 billion, and 2.47 billion yuan, respectively, with corresponding P/E ratios of 13, 11, and 9 times [8]. Strategic Developments - The company is expanding its global footprint with plans to build a new plant in Brazil, marking its third overseas facility [7]. - The Serbia plant has shown a revenue increase of 148.1% year-on-year, although it is currently operating at a loss [7]. Market Data - As of September 3, 2025, the closing price of the stock was 15.24 yuan, with a market capitalization of 22.304 billion yuan [3].