[Table_Stock] 长城汽车（601633） [Table_Rating] 买入（维持） [Table_Summary] [行业Table_Industry] : 汽车 日期: shzqdatemark 2025年09月03日 | [Table_Author] 分析师: | 仇百良 | | --- | --- | | E-mail: | qiubailiang@shzq.com | | SAC 编号: | S0870523100003 | [Table_BaseInfo] 基本数据 | 最新收盘价（元） | 26.28 | | --- | --- | | 12mth A 股价格区间（元） | 20.95-32.03 | | 总股本（百万股） | 8,558.95 | | 无限售 A 股/总股本 | 72.55% | | 流通市值（亿元） | 2,241.16 | [Table_QuotePic] 最近一年股票与沪深 300 比较 -5% 1% 7% 14% 20% 26% 33% 39% 45% 09/24 11/24 01/25 04/25 06/25 09/25 长城汽车 沪深300 [Table ...

[Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 [行业Table_Industry] : 医药生物 日期: shzqdatemark 2025年09月03日 | [Table_Author] 分析师: | 张林晚 | | --- | --- | | Tel: | 021-53686155 | | E-mail: | zhanglinwan@shzq.com | | SAC 编号: | S0870523010001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -4% 2% 9% 15% 22% 28% 34% 41% 47% 09/24 11/24 01/25 04/25 06/25 08/25 医药生物 沪深300 [Table_ReportInfo] 相关报告： 《脑机接口临床转化推进，实际应用加速 落地》 ——2025 年 08 月 25 日 《银诺医药登陆港交所，关注国产 GLP-1 商业化落地进程》 ——2025 年 08 月 19 日 《七部门联合发文，2030 年脑机接口产业 创新能力有望显著提升》 ——2025 年 08 月 ...

[Table_Stock] 泰晶科技（603738） | [Table_Author] 分析师: | 陈凯 | | --- | --- | | Tel: | 021-53686412 | | E-mail: | chenkai@shzq.com | | SAC 编号: | S0870525070001 | [Table_BaseInfo] 基本数据 | 最新收盘价（元） | 15.77 | | --- | --- | | 12mth A 股价格区间（元） | 11.97-17.91 | | 总股本（百万股） | 389.32 | | 无限售 A 股/总股本 | 100.00% | | 流通市值（亿元） | 61.40 | [Table_QuotePic] 最近一年股票与沪深 300 比较 -6% 0% 6% 12% 18% 24% 30% 35% 41% 08/24 11/24 01/25 04/25 06/25 08/25 泰晶科技 沪深300 [Table_ReportInfo] 相关报告： 《盈利阶段承压难掩长期增长趋势，加码 车规高附加值产品序列》 ——2025 年 05 月 10 日 [Table_ ...

[Table_Stock] 徐工机械（000425） [Table_Rating] 买入（维持） [◼Table_Summary] 投资摘要 | [行业Table_Industry] : | 机械设备 | | --- | --- | | 日期: | 2025年09月01日 shzqdatemark | | [Table_Author] 分析师: | 刘阳东 | | --- | --- | | Tel: | 021-53686144 | | E-mail: | liuyangdong@shzq.com | | SAC 编号: S0870523070002 | | | 分析师: | 王亚琪 | | Tel: | 021- 53686472 | | E-mail: | wangyaqi@shzq.com | | SAC 编号: S0870523060007 | | [Table_BaseInfo] 基本数据 | 最新收盘价（元） | 9.89 | | --- | --- | | 12mth A 股价格区间（元） | 6.00-9.89 | | 总股本（百万股） | 11,752.97 | | 无限售 A 股/总股本 ...

[Table_Stock] 匠心家居（301061） [Table_Rating] 买入（维持） [◼Table_Summary] 投资摘要 | [行业Table_Industry] : | 轻工制造 | | --- | --- | | 日期: | shzqdatemark 2025年09月01日 | | [Table_Author] 分析师: | 杜洋 | | Tel: | 021-53686169 | | E-mail: | duyang@shzq.com | | SAC 编号: | S0870523090002 | | 分析师: | 袁锐 | | Tel: | 021-53686074 | | E-mail: | yuanrui@shzq.com | SAC 编号: S0870525060002 [Table_BaseInfo] 基本数据 | 最新收盘价（元） | 102.60 | | --- | --- | | 12mth A 股价格区间（元） | 48.33- 119.19 | | 总股本（百万股） | 217.58 | | 无限售 A 股/总股本 | 66.40% | | 流通市值（亿元） | 1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 13.33 billion yuan, up 10.36% year-on-year, and net profit of 2.05 billion yuan, up 148.72% year-on-year [2][10] - The rise in refrigerant prices has been a major driver of performance, with the average price of refrigerant products increasing by 61.88% year-on-year [3] - The company is positioned to benefit from a long-term upcycle in the refrigerant industry, with a strong global leadership in HFCs production capacity and quotas [3][10] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 13.33 billion yuan, a year-on-year increase of 10.36%, and a net profit of 2.05 billion yuan, a year-on-year increase of 148.72% [2] - Q2 2025 saw a revenue of 7.53 billion yuan, up 13.93% year-on-year and 29.84% quarter-on-quarter, with net profit reaching 1.24 billion yuan, up 137.07% year-on-year and 53.57% quarter-on-quarter [2] Market Dynamics - The price of refrigerants has significantly increased, with the contribution to profit growth from fluorinated refrigerants amounting to 2.13 billion yuan, accounting for 73.49% of the profit increase [3] - The company is expected to maintain its leading position in the domestic market for high-value-added products, particularly in the fields of aerospace and 5G communications [4][5] Product Development - The company is expanding its high-performance fluoropolymer production capacity, with plans for new projects that will enhance its market position [4] - The demand for fluorinated liquids in the liquid cooling market is anticipated to grow rapidly, driven by advancements in AI and data center technologies [5] Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 26.99 billion yuan, 30.05 billion yuan, and 34.20 billion yuan, respectively, with growth rates of 10.3%, 11.3%, and 13.8% [10] - Net profit projections for the same years are 4.41 billion yuan, 5.09 billion yuan, and 5.83 billion yuan, with growth rates of 125.1%, 15.5%, and 14.5% [10]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The special robot industry is experiencing rapid global development, with China's market size continuously expanding. The global special robot market is projected to reach USD 14 billion in 2024, with a five-year compound annual growth rate (CAGR) of 20.68%. By 2025, it is expected to grow to USD 15.4 billion. In China, the market size is anticipated to reach CNY 24.6 billion in 2024, with a CAGR of 27.17%, and is projected to reach CNY 27.1 billion in 2025 [6][7]. Summary by Sections Industry Overview - Special robots are designed to replace or assist humans in dangerous, heavy, or complex tasks, significantly improving efficiency and safety. They are highly specialized and intelligent, equipped with advanced sensors, processors, communication technologies, and algorithms for efficient autonomous or remote operations [4]. Market Trends - The demand for special robots is increasing across various sectors, including military, rescue, agriculture, and medical fields. In 2024, there were 30 investment events in China's special robot sector, with a total investment amount of CNY 2.752 billion. In the first quarter of 2025, there were 14 events with an investment of CNY 681 million [6][7]. Company Developments - **Jingye Intelligent**: Launched the "Wolf 2" product, a quadruped robot designed for high-risk nuclear industry scenarios, integrating environmental monitoring and AI-driven technologies [7]. - **Construction Industry**: Focused on the "14th Five-Year Plan" and actively planning the "15th Five-Year Plan," emphasizing the integration of mechanization, information technology, and intelligence in product development [7]. - **Yijiahe**: Developed a product system combining high-value special robots and intelligent operation tools, expanding collaborations across various industries [7]. - **Zhaowei Machinery**: Introduced a dexterous hand product for industrial applications, showcasing adaptability in complex environments [10]. - **CITIC Heavy Industries**: Developed an intelligent explosion-proof robot, recognized as a "National Manufacturing Single Champion" [10]. Investment Recommendations - Recommended companies to watch include Jingye Intelligent, Construction Industry, Yijiahe, New Emerging Equipment, Jingpin Special Equipment, Zhaowei Machinery, CITIC Heavy Industries, and others [8].

[Table_Stock] 中际旭创（300308） [Table_Rating] 买入（维持） [◼Table_Summary] 投资摘要 | [行业Table_Industry] : | 通信 | | --- | --- | | 日期: | shzqdatemark 2025年08月29日 | | [Table_Author] 分析师: | 刘京昭 | | E-mail: | liujingzhao@shzq.com | | SAC 编号: | S0870523040005 | | 联系人: | 杨昕东 | SAC 编号: S0870123090008 ——中际旭创 2025 年半年报点评 [Table_BaseInfo] 基本数据 | 最新收盘价（元） | 354.92 | | --- | --- | | 12mth A 股价格区间（元） | 71.99- 359.03 | | 总股本（百万股） | 1,111.12 | | 无限售 A 股/总股本 | 99.49% | | 流通市值（亿元） | 3,923.64 | [Table_QuotePic] 最近一年股票与沪深 300 比较 -32% 1% 3 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The consumer electronics industry is recovering, leading to steady growth in the company's core business, with a year-on-year revenue increase of 12.41% in H1 2025 [4] - The company has made significant progress in developing new products and expanding its customer base, particularly in the semiconductor thermal management solutions sector [5] - The company is expected to improve its profitability as it expands its domestic and international business [4][5] Summary by Sections Financial Performance - In H1 2025, the company achieved operating revenue of 438 million yuan, with a year-on-year increase of 12.41% [4] - The sales revenue from connector products was approximately 285 million yuan, up 6.78% year-on-year, while the revenue from structural components reached about 105 million yuan, up 13.51% year-on-year [4] Product Development - The company is focusing on the research and development of semiconductor packaging thermal management solutions, aiming to capture new growth opportunities [5] - The semiconductor metal heat sink business is gradually achieving mass shipments, with efforts to expand both domestic and international markets [5] Profit Forecast - The profit forecasts for 2025-2027 have been adjusted to 14 million yuan, 29 million yuan, and 49 million yuan respectively, with corresponding EPS of 0.07, 0.14, and 0.23 yuan [6] - The estimated P/E ratios for the same period are 778, 361, and 217 times [6] Market Comparison - The company's stock performance has shown a significant increase compared to the CSI 300 index over the past year, indicating strong market positioning [3]

[Table_Stock] 中国重汽（000951） 半年报业绩稳定增长，看好下半年以旧 换新带动销量提升 ——2025 年半年报业绩点评 [Table_Rating] 买入（维持） [◼Table_Summary] 事件概述 公司发布2025年半年报，实现营业收入261.62亿元，同比+7.22%；实 现归母净利润6.69亿元，同比+8.10%；实现扣非归母净利润6.27亿 元，同比+7.64%。 ◼ 投资摘要 上半年营收和归母净利润实现稳定增长，Q2 单季度营收和归母净利润 微增。公司上半年重卡销量 8.1 万辆，同比+14.1%，营收和归母净利 润实现稳定增长，毛利率 7.50%同比基本持平，其中，配件销售毛利 率 9.42%，同比下降 2.98 个百分点，对毛利率提升造成一定拖累。 25Q2，公司实现营收 132.53 亿元，同比+2.15%；实现归母净利润 3.58 亿元，同比+4.00%。 公司重卡销量增速高于行业平均水平，市场份额有所提升。看好下半 年以旧换新政策刺激作用，叠加去年低基数，销量有望持续提升。 25H1，行业重卡销量 53.92 万辆，同比+6.88%；公司重卡销量 8.1 万 辆 ...