市场数据：2025 年 9 月 1 日 收盘价（元）： 8.41 年内最高/最低（元）： 9.03/4.80 流通 A 股/总股本（亿 股）： 55.30/55.30 投资业务大幅上涨，财富投行稳定提升。公司优化配置，提升经营效率， 上半年自营投资、财富管理、投行业务及利息净收入均实现正增长。投资业 务表现亮眼，上半年实现收入 14.79 亿元，同比增长 668.35%，受益于市场 活跃度及两融规模提升，经纪业务及利息净收入同比分别增长 29.24%、 19.45%至 16.04 亿元、10.82 亿元，投行业务实现收入 1.74 亿元，同比提升 45.68%；资管业务上半年实现收入 1.14 亿元，同比下滑 24.44%，基金管理 业务实现收入 0.71 亿元，同比增长 0.44%。 证券Ⅲ 长江证券（000783.SZ） 增持-A(首次) 投资业务显著回暖，经营业绩同比大增 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 公司发布 2025 年中报，上半年实现营业收入 47.05 亿元，同比增长 64.79%，归母净利润 17.37 亿元，同比增长 120.76%，加权平均 ...

Investment Rating - The report assigns a "Buy-B" rating to the company, indicating an upward adjustment in the investment outlook [2][6]. Core Insights - The company reported a total revenue of 3.52 billion yuan for H1 2025, reflecting a year-on-year increase of 11.7%, while the net profit attributable to shareholders decreased by 55.4% to 100 million yuan [3][4]. - In Q2 2025, the company achieved a total revenue of 1.89 billion yuan, with a quarter-on-quarter increase of 12.4% and a year-on-year increase of 15.9% [3][4]. - The company is initiating the construction of a 20,000-unit giant tire project, which is expected to enhance its product matrix and drive future revenue growth [6]. Financial Performance - For H1 2025, the company produced 2.996 million tires, a 7% increase year-on-year, and sold 2.953 million tires, a 10.3% increase year-on-year [4]. - The average selling price of tire products in Q2 2025 increased by 1.81% quarter-on-quarter and 1.35% year-on-year [4]. - The gross profit margin and net profit margin for Q2 2025 were 16.14% and 3.96%, respectively, showing improvements of 2.67 and 2.22 percentage points quarter-on-quarter [4]. Raw Material Costs - The raw material price index decreased by 8.8% compared to the average value in 2024, which is expected to positively impact the company's margins in Q3 2025 [5]. Growth Potential - The company has seen significant growth in its specialty tire segment, particularly in giant tires, with sales increasing from approximately 3,100 units in 2021 to over 5,900 units in 2024, representing a compound annual growth rate of nearly 80% [6]. - The giant tire project, with a total investment of approximately 1.464 billion yuan, is expected to generate annual revenue of about 1.563 billion yuan upon reaching full production [6]. Earnings Forecast - The projected net profits for the company from 2025 to 2027 are 300 million yuan, 450 million yuan, and 670 million yuan, respectively, with corresponding price-to-earnings ratios of 15, 10, and 7 times [6].

Investment Rating - The report maintains a "Buy-B" rating for the company [1][9]. Core Insights - The company reported a total revenue of 7.76 billion yuan for the first half of 2025, representing a year-on-year increase of 19.5%. The net profit attributable to shareholders was 640 million yuan, up 20.8% year-on-year, while the net profit excluding non-recurring items reached 620 million yuan, a significant increase of 67.8% [4]. - In Q2 2025, the company achieved a total revenue of 4.6 billion yuan, with a quarter-on-quarter increase of 26.1% and a year-on-year increase of 45.8%. The net profit attributable to shareholders for Q2 was 460 million yuan, reflecting a quarter-on-quarter increase of 25.6% and a year-on-year increase of 148.9% [4]. - The company has seen strong performance in its refrigerant and specialty products segments, with significant growth in sales volume and pricing [6][7]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved total revenue of 7.76 billion yuan, with a net profit of 640 million yuan. The Q2 results showed a total revenue of 4.6 billion yuan and a net profit of 460 million yuan [4]. - The company’s basic and diluted earnings per share for the latest period were both 0.50 yuan, with a net asset return rate of 4.04% [3]. Business Segments - The refrigerant segment saw sales of 56,800 tons in the first half of 2025, with an average selling price of 43,800 yuan per ton, marking a year-on-year increase of 44.82% [6]. - The specialty products segment reported a net profit of 110 million yuan, benefiting from the growth in the commercial aerospace sector [6]. - The electronic gas segment achieved sales of 4,947 tons, with an average selling price of 95,500 yuan per ton, reflecting a year-on-year increase of 9.05% [6]. Future Projections - The company is expected to achieve net profits of 1.46 billion yuan, 2.01 billion yuan, and 2.46 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 26, 19, and 15 times [9].

其他化学制品Ⅲ 同益中（688722.SH） 买入-A(维持) 静待超美斯业绩改善，人形机器人灵巧手腱绳通过重点用户验证 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 8 月 30 日，公司发布《2025 年半年度报告》，2025H1，实现营业总收入 4.8 亿元，同比+89.7%；归母净利润 0.7 亿元，同比+41.1%；扣非归母净利 润 0.6 亿元，同比+46.9%。其中，2025Q2 公司实现营业总收入 2.3 亿元，同 环比分别+60.7%/ -9.2%；归母净利润 0.2 亿元，同环比分别-21.9%/ -46.8%； 扣非后归母净利润 0.2 亿元，同环比分别-17.7%/ -43.5%。 事件点评 市场数据：2025 年 9 月 3 日 收盘价（元）： 19.12 年内最高/最低（元）： 26.60/9.57 流通A股/总股本（亿）： 2.24/2.25 流通 A 股市值（亿）： 42.85 UHMWPE 纤维销量同环比增长，盈利水平因产品销售结构变化短期下 降。分产品来看，2025H1，UHMWPE 纤维和无纬布分别实现营收 2.1/ 1.3 亿元，同比分 ...

王金源 资料来源：最闻 市场数据：2025 年 9 月 3 日 | 收盘价（元）： | 27.15 | | --- | --- | | 年内最高/最低（元）： | 28.78/19.73 | | 流通A股/总股本（亿）： | 21.19/21.23 | | 流通 A 股市值（亿）： | 575.36 | | 总市值（亿）： | 576.45 | | 资料来源：最闻 | | 基础数据：2025 年 6 月 30 日 | 基本每股收益(元)： | 0.74 | | --- | --- | | 摊薄每股收益(元)： | 0.74 | | 每股净资产(元)： | 15.99 | | 净资产收益率(%)： | 5.10 | | 资料来源：最闻 | | 分析师： 李旋坤 执业登记编码：S0760523110004 邮箱：lixuankun@sxzq.com 执业登记编码：S0760525080001 邮箱：wangjinyuan@sxzq.com 氮肥 华鲁恒升（600426.SH） 买入-B(维持) 上半年主营产品销量增长，Q2 业绩环比改善明显 2025 年 9 月 4 日 公司研究/公司快报 事件描述 8 月 21 ...

集成电路 佰维存储（688525.SH） 增持-A(维持) 公司近一年市场表现 市场数据：2025 年 9 月 3 日 收盘价（元）： 67.53 年内最高/最低（元）： 85.99/40.13 流通A股/总股本（亿）： 3.23/4.67 流通 A 股市值（亿）： 217.95 | 基础数据：2025 年 | 6 月 30 日 | | | --- | --- | --- | | 基本每股收益(元)： | | -0.51 | | 摊薄每股收益(元)： | | -0.51 | | 每股净资产(元)： | | 9.13 | | 净资产收益率(%)： | | -5.73 | 资料来源：最闻 高宇洋 执业登记编码：S0760523050002 田发祥 邮箱：tianfaxiang@sxzq.com 25H1 业绩逐步改善，存储涨价+AI 端侧应用多领域渗透 2025 年 9 月 4 日 公司研究/公司快报 事件描述 公司发布 2025 年半年度报告。公司 2025 年上半年营业收入 39.12 亿元， 同比增长+13.70%，归母净利润-2.26 亿元，同比-179.68%；单二季度营业收 入 23.69 亿元，同比 ...

Market Trends - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,813.56, down 1.16% [4] - The New Materials sector index increased by 3.72%, underperforming the ChiNext Index by 4.01% [5] Industry Commentary - The State Council's issuance of the "Artificial Intelligence +" action plan is expected to drive rapid development in AI new materials [5] - The FDA's plan to phase out synthetic food colorings is likely to benefit domestic natural colorant companies due to a surge in demand [8] Company Analysis - **Yara International (000893.SZ)**: The company reported a 48.5% year-on-year increase in revenue to 2.52 billion yuan and a 216.6% increase in net profit to 850 million yuan for H1 2025, driven by rising potassium fertilizer prices and sales [10] - **Jianlong Micro-Nano**: The company achieved a revenue of 378 million yuan in H1 2025, a 0.33% increase year-on-year, with a focus on expanding its product matrix and overseas growth [11] - **Xianlead Intelligent (300450.SZ)**: The company reported a strong rebound in order volume for H1 2025, with revenue expected to grow significantly due to the recovery of the lithium battery sector [14] - **Zhejiang Rongtai (603119.SH)**: The company is focusing on the development of humanoid robots and reported steady growth in its main business [26] - **Qingda Environmental Protection (688501.SH)**: The company’s performance met expectations, with AI applications in the thermal power sector expected to exceed forecasts [29] Investment Recommendations - The AI server market is projected to grow from $125.1 billion in 2024 to $158.7 billion in 2025, with significant growth in China's AI computing market anticipated [5] - Domestic natural colorant companies are recommended for investment due to the expected demand surge from the FDA's synthetic colorant phase-out [8] - Yara International is expected to achieve net profits of 1.89 billion, 2.54 billion, and 3.52 billion yuan from 2025 to 2027, with a corresponding PE ratio of 16, 12, and 9 [10] - Jianlong Micro-Nano is expected to enhance its capabilities through strategic acquisitions and product development [11]

2025 年 9 月 3 日 公司研究/公司快报 公司近一年市场表现 | 年 月 市场数据：2025 9 | 日 3 | | | --- | --- | --- | | 收盘价（元）： | | 32.42 | | 年内最高/最低（元）： | | 36.49/18.82 | | 流通A股/总股本（亿）： | | 1.00/1.00 | | 流通 A 股市值（亿）： | | 32.44 | | 总市值（亿）： | | 32.44 | | 年 基础数据：2025 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.49 | | 摊薄每股收益(元)： | | | 0.49 | | 每股净资产(元)： | | | 18.33 | | 净资产收益率(%)： | | | 2.65 | 冀泳洁 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 执业登记编码：S0760524090001 邮箱：wangrui1@sxzq.com 其他化学制品Ⅲ 建龙微纳（688357.SH） 买入-B(首次) 泰国基地打造成 ...

资料来源：最闻 钾肥 亚钾国际（000893.SZ） 买入-B(维持) 钾肥量价双升驱动业绩高增，拓展非钾产业链 2025 年 9 月 3 日 公司研究/公司快报 事件描述 市场数据：2025 年 9 月 3 日 | 收盘价（元）： | 33.46 | | --- | --- | | 年内最高/最低（元）： | 34.77/14.50 | | 流通A股/总股本（亿）： | 8.12/9.24 | | 流通 A 股市值（亿）： | 271.63 | | 总市值（亿）： | 309.19 | | 资料来源：最闻 | | 基础数据：2025 年 6 月 30 日 | 基本每股收益(元)： | 0.94 | | --- | --- | | 摊薄每股收益(元)： | 0.94 | | 每股净资产(元)： | 13.58 | | 净资产收益率(%)： | 6.80 | | 资料来源：最闻 | | 分析师： 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 8 月 28 日，公司 ...

姚健 执业登记编码：S0760525040001 邮箱：yaojian@sxzq.com 杨晶晶 执业登记编码：S0760519120001 | 市场数据：2025 年 9 月 | 2 日 | | --- | --- | | 收盘价（元）： | 43.80 | | 年内最高/最低（元）： | 45.90/12.88 | | 流通A股/总股本（亿）： | 15.59/15.66 | | 流通 股市值（亿）： A | 683.02 | | 总市值（亿）： | 685.98 | | 基础数据：2025 年 | 6 月 | 30 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.48 | | 摊薄每股收益(元)： | | | 0.48 | | 每股净资产(元)： | | | 7.83 | | 净资产收益率(%)： | | | 5.83 | 资料来源：最闻 邮箱：yangjingjing@sxzq.com 锂电设备 先导智能（300450.SZ） 买入-A(首次) 25H1 订单总量同比强势反弹，全球化战略高质量推进 2025 年 9 月 3 日 公司研究/公司快 ...