纺织服饰 李宁（02331.HK） 买入-A(维持) | 市场数据：2025 | | --- | | 年 | | 月 8 | | 日 22 | | 收盘价（港元）： | 19.700 | | --- | --- | | 年内最高/最低（港元）： | 21.000/12.560 | | 流通/总股本（亿股）： | 25.85/25.85 | | 流通市值（亿港元）： | 509.21 | | 总市值（亿港元）： | 509.21 | 资料来源：最闻，山西证券研究所 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 2025H1 营收稳健增长，全渠道库存处于健康可控水平 2025 年 8 月 25 日 公司研究/公司快报 事件描述 8 月 21 日，公司披露 2025 年上半年业绩，2025H1，公司实现营收 148.17 亿元， 同比增长 3.3%，实现归母净利润 17.37 亿元，同比下降 11.0%。董事会建议派发 2025 年中期股息 33.59 分/股，中期派息率 50%。 ...

Investment Rating - The report maintains a "Buy-B" rating for the company [3] Core Views - The company reported a significant increase in sales in the pharmaceutical and basic chemical sectors, with a notable recovery in profitability in Q2 2025 [4][5] - The company achieved a revenue of 1.014 billion yuan in the first half of 2025, representing a year-on-year growth of 24.86%, and a net profit of 61 million yuan, up 30.83% year-on-year [4] - The sales volume of catalyst products increased by 122.33% year-on-year, with the pharmaceutical sector growing by 49.26% and the basic chemical sector by 185.54% [5] - The prices of key raw materials, palladium and rhodium, have started to recover, leading to a significant improvement in profitability, with a gross margin of 18.26% in Q2 2025 [6] Financial Performance - The company is projected to achieve revenues of 2.201 billion yuan, 2.606 billion yuan, and 3.014 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 30.5%, 18.4%, and 15.6% [8] - The net profit is expected to reach 167 million yuan, 235 million yuan, and 297 million yuan for the same years, with growth rates of 80.3%, 40.7%, and 26.5% [8] - The earnings per share (EPS) are projected to be 1.28 yuan, 1.80 yuan, and 2.27 yuan for 2025, 2026, and 2027, respectively [8] Market Data - As of August 22, 2025, the closing price of the company's stock was 39.96 yuan, with a year-to-date high of 41.01 yuan and a low of 20.86 yuan [2]

Investment Rating - The report maintains a "Buy-A" rating for China Unicom (600050.SH) [1] Core Views - China Unicom's H1 2025 revenue reached 200.2 billion yuan, a year-on-year increase of 1.5%, with a total profit of 17.7 billion yuan, up 5.2% year-on-year, and a net profit attributable to shareholders of 6.349 billion yuan, also up 5.1% year-on-year [2][3] - The growth in mobile and broadband connections is robust, with a total user base exceeding 1.2 billion, including a net increase of over 11 million users, marking a historical high [3] - The company is focusing on AI opportunities and enhancing its data center capabilities, with a revenue of 37.6 billion yuan from cloud services, up 4.6% year-on-year [4][10] - Capital expenditure for 2025 is planned at 55 billion yuan, a decrease of 10.4% year-on-year, with a focus on efficient investment strategies [5] Summary by Sections Financial Performance - In H1 2025, China Unicom achieved a revenue of 200.2 billion yuan, with a profit total of 17.7 billion yuan and a net profit of 6.349 billion yuan, reflecting year-on-year growth of 1.5%, 5.2%, and 5.1% respectively [2][3] - The company anticipates continued revenue and profit growth, with projected net profits of 9.521 billion yuan, 10.038 billion yuan, and 10.624 billion yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 5.4%, 5.4%, and 5.8% [11] User Growth and Service Expansion - The user base for mobile and broadband services has reached historical highs, with mobile and broadband users exceeding 480 million and IoT connections reaching 690 million [3] - The adoption of "dual-gigabit" services is significant, with 50% of users opting for this offering, and the penetration rate of integrated services surpassing 77% [3] Strategic Focus - The company is enhancing its AI capabilities and expanding its cloud market share, with a focus on building a robust international network and data center infrastructure [4][10] - China Unicom plans to invest in AI infrastructure and major projects, with a special budget allocation for AI initiatives [11] Capital Expenditure and Cost Management - The planned capital expenditure for 2025 is 55 billion yuan, reflecting a 10.4% decrease year-on-year, with a focus on optimizing operational costs [5] - The company aims to maintain stable cost ratios, with a significant focus on improving data center resource utilization [10]

| 收盘价（港元）： | 47.100 | | --- | --- | | 年内最高/最低（港元）： | 55.000/20.000 | | 流通/总股本（亿股）： | 12.27/12.43 | | 流通市值（亿港元）： | 577.80 | | 总市值（亿港元）： | 585.28 | 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 商贸零售 名创优品（09896.HK） 买入-A(维持) 2025Q2 名创业务同店销售显著改善，经营拐点显现 2025 年 8 月 25 日 公司研究/公司快报 事件描述 8 月 21 日，公司公布截至 2025 年 6 月 30 日止季度业绩及上半年中期业绩。 2025Q2，公司实现营收 49.66 亿元，同比增长 23.1%；实现经调整净利润 6.92 亿元，同比增长 10.6%。2025H1，公司实现营收 93.93 亿元，同比增长 21.1%； 实现经调整净利润 12.79 亿元，同比增长 3.0%。 事件点评 市场数据：2025 年 ...

Investment Rating - The report maintains a "Buy-A" rating for Kingsoft Office (688111.SH) [1][9] Core Views - The company achieved a steady revenue growth of 10.12% year-on-year in the first half of 2025, with total revenue reaching 2.657 billion yuan [4] - The WPS personal business and WPS 365 business are driving overall revenue growth, with WPS 365 revenue increasing by 62.27% year-on-year [5][6] - The launch of WPS AI 3.0 has significantly increased monthly active users to 29.51 million, up from 19.68 million at the end of 2024 [7][9] Financial Performance - In the first half of 2025, the company reported a net profit of 747 million yuan, a year-on-year increase of 3.57% [4] - The gross margin for the first half of 2025 was 85.03%, an increase of 0.11 percentage points compared to the same period last year [6] - The company’s R&D expense ratio increased to 36.07%, reflecting continued investment in AI [6] Business Segmentation - WPS personal business revenue reached 1.748 billion yuan, growing by 8.38% year-on-year, with domestic revenue at 1.619 billion yuan [6] - WPS 365 business revenue was 309 million yuan, benefiting from enhanced product capabilities and new key clients [6] - WPS software revenue decreased by 2.08% year-on-year to 542 million yuan due to some clients transitioning to WPS 365 [6] Future Projections - The report projects EPS for 2025-2027 to be 3.87, 4.56, and 5.42 yuan respectively, with corresponding P/E ratios of 85.06, 72.27, and 60.77 [9][10]

珠宝首饰及钟表 潮宏基（002345.SZ） 增持-A(维持) 2025 年 8 月 25 日 公司研究/公司快报 | | | | 收盘价（元）： | | 15.20 | | --- | --- | --- | | 年内最高/最低（元）： | | 18.18/4.06 | | 流通 A | 股/总股本（亿 | 8.67/8.89 | | 股）： | | | | 流通 A 股市值（亿元）： | | 131.83 | | 总市值（亿元）： | | 135.05 | | 基本每股收益(元)： | 0.37 | | --- | --- | | 摊薄每股收益(元)： | 0.37 | | 每股净资产(元)： | 4.26 | | 净资产收益率(%)： | 8.79 | | 资料来源：最闻，山西证券研究所 | | 分析师： 8 月 21 日，公司发布 2025 年半年度报告。2025H1，公司实现营收 41.02 亿元， 同比增长 19.54%，实现归母净利润 3.31 亿元，同比增长 44.34%。公司拟向全体股东每 10 股派发现金红利 1 元（含税），中期派息率 26.82%。 事件点评 资料来源：最闻，山西证券研 ...

Core Insights - The report highlights a significant growth in the AI sector, driven by macroeconomic factors such as the expectation of interest rate cuts in the US and supportive policies for AI investments from the Trump administration. This has led to increased investor interest in AI-related technologies and companies [5][6] - The liquid cooling industry is experiencing heightened attention due to accelerated deployments by overseas cloud service providers (CSPs) and positive performance indicators from key players in the sector. The report suggests that the liquid cooling market is transitioning from a conceptual phase to one of actual performance delivery [5][6] - The report emphasizes the importance of domestic supernodes and the expected growth in high-speed copper connections and optical modules, particularly following the recent Open Compute Project (OCP) conference [6][9] Industry Commentary - The communication sector is witnessing a rotation towards AI-related investments, with a focus on liquid cooling, optical circuit switching (OCS), and domestic supernodes. The report suggests that these areas are poised for growth due to technological advancements and market demand [5][6] - The report notes that the OCS market is expected to see significant commercial deployment in North America by 2026, with potential total addressable market (TAM) reaching $2 billion. This technology is becoming increasingly relevant for large CSP data center networks [9][10] Company Analysis - The report discusses the performance of China Mobile, which reported a slight decline in revenue but an increase in net profit for the first half of 2025. The company is focusing on transitioning its business model towards value-based operations, leveraging its extensive customer base [18][19] - The report highlights the strong performance of a specific company, which achieved a revenue of 12.354 billion yuan in the first half of 2025, marking a 251% year-on-year increase. The company is expanding its market presence both domestically and internationally [10][12] - Another company mentioned in the report experienced a revenue growth of 10.36% in the first half of 2025, despite facing challenges in profitability due to operational pressures from older factories and the ramp-up of new facilities [15][16]

Investment Rating - The report maintains a "Buy-A" rating for the company [6][13]. Core Views - The company achieved a revenue of 12.661 billion yuan in H1 2025, representing a year-on-year growth of 10.36%, while the net profit attributable to shareholders decreased by 11.06% to 1.671 billion yuan [7][8]. - The company is experiencing a phase of pressure on profitability due to the transitional efficiency of new factories and a decline in orders from older factories, leading to a temporary drop in gross margin [8][10]. - The company is successfully diversifying its customer base, with significant contributions from new clients like On and New Balance, and a successful partnership with Adidas [9]. Financial Performance - As of June 30, 2025, the basic earnings per share (EPS) was 1.43 yuan, and the diluted EPS was also 1.43 yuan [4]. - The net asset return rate (ROE) stood at 10.34% [4]. - The company’s total production capacity reached 116.71 million pairs, with a utilization rate of 95.78% [10]. Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 3.54 billion, 4.07 billion, and 4.65 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 times [13]. - The company’s revenue is projected to grow from 26.325 billion yuan in 2025 to 32.688 billion yuan in 2027, with year-on-year growth rates of 9.7% and 10.7% respectively [15][19].

黄金珠宝 老铺黄金（06181.HK） 增持-A(维持) 2025H1 同店高速增长，品牌力与渠道扩张驱动高质量发展 2025 年 8 月 22 日 公司研究/公司快报 公司近一年市场表现 事件描述 8 月 20 日，公司披露 2025 年中期业绩，2025 年上半年，公司实现收入 123.54 亿元， 同比增长 251.0%，实现归母净利润 22.68 亿元，同比增长 285.8%。公司董事会建议派发 中期股息每股人民币 9.59 元，派息率为 73%。 事件点评 0 2025 年上半年同店销售表现强劲，品牌势能持续释放，带动公司营收业绩爆发式增 长。营收端，2025 年上半年，公司实现收入 123.54 亿元，同比增长 251.0%。业绩端， 2025 年上半年，公司实现归母净利润 22.68 亿元，同比增长 285.8%；经调整净利润 23.51 亿元，同比增长 290.6%。公司营收业绩大幅增长，主要受益于：（1）品牌影响力持续扩 大，消费者心智强化带动客群扩容，同店销售额实现 200.8%的高速增长。截至 2025 年 6 月末，公司忠诚会员人数约 48 万名，较 2024 年末增长 13 万名。（ ...

通信 周跟踪（20250811-20250815） 领先大市-A(维持) ——液冷、OCS 与国产超节点，继续关注 AI 板块轮动行情 2025 年 8 月 22 日 行业研究/行业周报 通信行业近一年市场表现 资料来源：最闻 相关报告： 【山证通信】OpenAI 发布 chatGPT Agent 并预热 GPT5，英伟达端侧 Thor 即将发货-周跟踪（20250714-20250720） 2025.7.25 【山证通信】——Grok4、KIMI K2 发布，算力板块业绩预告亮眼-周跟踪 （20250707-20250713） 2025.7.17 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 赵天宇 执业登记编码：S0760524060001 邮箱：zhaotianyu@sxzq.com 近期以 AI 算力、卫星互联网、液冷为代表的赛道表现较好、投资者关注度 显著提升，我们认为主要原因在于宏观和产业的积极因素共振。宏观方面，美国 降息预期确定性显著提升、特朗普政府采 ...