——证券行业周报 投资摘要： 每周一谈: 2025 年 1-7 月份全国规模以上工业企业利润下降 1.7% 行 业 研 究 1-7 月份，规模以上工业企业中，国有控股企业实现利润总额 12823.4 亿元，同 比下降 7.5%；股份制企业实现利润总额 29742.5 亿元，下降 2.8%；外商及港澳 台投资企业实现利润总额 10216.7 亿元，增长 1.8%；私营企业实现利润总额 11183.7 亿元，增长 1.8%。 市场回顾： 上周（8.25-8.29）沪深 300 指数的涨跌幅为 2.71%，申万二级行业指数证券行 业涨跌幅为-0.73%。板块内个股 10 家上涨，1 家平盘，39 家下跌。 证券板块个股周度表现： 股价涨跌幅前五名为：湘财股份、长江证券、东方财富、第一创业、中信建投。 股价涨跌幅后五名为：东方证券、申万宏源、东吴证券、光大证券、兴业证券。 本周投资策略： 上周证券行业指数涨幅为-0.73%，板块内个股多数下跌，表现弱于沪深 300 指数 的周度表现。证券板块内个股表现较为弱势，10 家上涨，1 家下跌，39 家下跌。 从 2022 年 1 月以来的估值来看，估值相对合理。 风险提示： ...

Group 1 - The core viewpoint of the report indicates that the securities industry experienced a significant increase, with the industry index rising by 3.12% last week, although it underperformed compared to the Shanghai and Shenzhen 300 Index, which rose by 4.18% [2][10][24] - A total of 48 stocks within the securities sector saw price increases, while only 2 stocks declined, reflecting a strong performance among the majority of companies in the sector [3][10][24] - The report suggests that the valuation of the securities sector is relatively reasonable based on data from January 2022 to the present [3][24] Group 2 - The report provides a detailed analysis of the price changes in 50 key production materials, indicating that 27 products saw price increases, 17 experienced declines, and 6 remained stable from early to mid-August 2025 [6][9] - Among the categories, non-ferrous metals showed a comprehensive price increase, while black metals, chemical products, non-metallic building materials, and agricultural products exhibited mixed price movements [9] - The report highlights specific price changes for various products, such as rebar at 3261.0 yuan per ton, which decreased by 6.4 yuan, and electrolytic copper at 79177.5 yuan per ton, which increased by 735.0 yuan [7][8]

上周跟踪的基准指数全面上涨 ——申港证券策略周报 相关报告 1、《上周跟踪的基准指数全面上涨：申港 证券策略周报》2025-08-20 2、《申港证券策略周报：上周跟踪的基准 指数全面下跌》2025-08-06 3、《申港证券策略周报：上周跟踪的基准 指数全面续涨》2025-07-30 4、《上周跟踪的基准指数全部上涨：申港 证券策略周报》2025-07-25 5、《上周上证指数突破 3500 点：申港证 券策略周报》2025-07-15 申 港 证 券 股 份 有 限 公 司 证 券 研 究 报 告 投资摘要： 投资策略： 上周我们跟踪的五大指数全面上涨。我们选取了沪深 300 和上证指数市盈率 百分位的两个截面图发现：若自 2021 年 1 月 1 日起，沪深 300 指数市盈率百 分位约在 51%，上证指数的约在 91%；但如果自 2019 年 1 月 1 日起，上证 指数的百分位是 91.74%，说明此时的 PE 比过去 91.74%的时间高，已超过了 70%的高位阈值；沪深 300 的百分位是 52.75%，处在相对较低的区间位置。 风险提示：市场波动风险、政策风险。 2025 年 08 月 26 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4] Core Insights - July saw strong performance in the new energy vehicle (NEV) sector, with sales growth remaining high due to ongoing stimulus policies and increasing consumer demand [11][28] - Total vehicle sales in July reached 2.593 million units, a year-on-year increase of 14.7%. Cumulative sales from January to July amounted to 18.269 million units, reflecting a 12% year-on-year growth [11] - NEV sales in July were 1.262 million units, up 27.4% year-on-year, with a penetration rate of 48.7%. For the first seven months of 2025, NEV sales totaled 8.22 million units, marking a 38.5% increase year-on-year and a penetration rate of 45.0% [11] Summary by Sections Weekly Discussion - The automotive market continues to show positive momentum, with new model releases and sustained consumer purchasing demand contributing to a favorable market environment [11] Investment Strategy and Key Focus - The report suggests focusing on undervalued leading companies in the vehicle and parts sectors due to improving performance, as well as key players in the NEV electrification and intelligence sectors. Recommended companies include BYD, Changan Automobile, Geely, and Li Auto [2][28][31] - The report highlights opportunities arising from domestic substitution due to the "dual circulation" strategy, with companies like Lingdian Electric Control and Sanhua Intelligent Control being of particular interest [2][31] Market Review - The automotive sector experienced a weekly increase of 3.08%, ranking 9th among 31 sectors in the Shenwan classification. The sector outperformed the CSI 300 index, which saw increases of 1.70% [30][36] - In the sub-sectors, automotive services, parts, passenger vehicles, commercial vehicles, and motorcycles had varying weekly performance, with automotive services declining by 1.35% [30][32]

行 业 研 究 上周板块内个股全面上涨 ——证券行业周报 投资摘要： 每周一谈: 2025 年 7 月份规模以上工业增加值增长 5.7% 7 月份，规模以上工业增加值同比实际增长 5.7%（增加值增速均为扣除价格因素 的实际增长率）。从环比看，7 月份，规模以上工业增加值比上月增长 0.38%。1- 7 月份，规模以上工业增加值同比增长 6.3%。 市场回顾： 上周（8.11-8.15）沪深 300 指数的涨跌幅为 2.37%，申万二级行业指数证券行业 涨跌幅为 8.19%。板块内个股全面上涨。 证券板块个股周度表现： 股价涨跌幅前五名为：国盛金控、长城证券、中银证券、东方财富、天风证券。 股价涨跌幅后五名为：国泰海通、财达证券、招商证券、东兴证券、申万宏源。 本周投资策略： 上周证券行业指数大涨超过 8%，板块内个股全面上涨，表现强于沪深 300 指数 的周度表现。证券板块内个股强势的表现，再次印证了该板块的高弹性。从 2022 年 1 月以来的估值来看，估值相对合理，我们认为证券板块的高波动性特点依然 需要投资者注意。 风险提示：政策风险、市场波动风险。 评级 增持（维持） 申 港 证 券 2025 年 ...

上周跟踪的基准指数全面上涨 申港证券策略周报 投资摘要: 2025年08月20日 徐广福 分析师 SAC 执业证书编号:S1660524030001 大盘表现走势图 40% 30% 20% 10% 2025-08 2024-08 略研究周 投资策略: 上周我们跟踪的五大指数全面上涨。我们选取了沪深 300 和上证指数市盈率 百分位的两个截面图发现:若自 2021年1月1日起,沪深 300 指数市盈率百 分位约在 44%,上证指数的约在 82%:但如果自 2019年 1月 1日起,上证 指数的百分位是 82.95%,说明此时的 PE 比过去 82.95%的时间高,已超过了 70%的高位阈值:沪深 300 的百分位是 45.77%,处在相对较低的区间位置。 风险提示:市场波动风险、政策风险。 资料来源:wind,申港证券研究所 相关报告 1、《申港证券策略周报:上周跟踪的基准 指数全面下跌》2025-08-06 研究报告 敬请参阅最后一页免责声明 证券研究报告 ◆ 上周各主要指数具体表现分别为:沪深 300 指数涨跌幅为 2.37%,上证指 数涨跌幅 1.70%,深证成指涨跌踏为 4.55%,创业板涨跌幅为 8. ...

Investment Rating - The report maintains an "Overweight" rating for the industry [7] Core Insights - The sales of new energy vehicles (NEVs) in China showed stable growth, with June 2025 sales reaching 1.329 million units, a year-on-year increase of 26.7%, resulting in a penetration rate of 45.8% [15] - The total installed capacity of power batteries in June 2025 was 58.2 GWh, reflecting a year-on-year growth of 36%, with a cumulative total of 300 GWh for the first half of 2025, up 47% year-on-year [16] - Lithium iron phosphate (LFP) battery installations saw significant growth, with June 2025 installations at 47.4 GWh, accounting for 81% of total installations, and a year-on-year increase of 50% [24] - Leading companies in the power battery sector, such as CATL and BYD, reported substantial growth in installed capacity, with CATL achieving 25.4 GWh in June 2025, a 33% increase year-on-year [38] Summary by Sections 1. New Energy Vehicle Sales - NEV sales in June 2025 reached 1.329 million units, a 26.7% increase year-on-year, with a penetration rate of 45.8% [15] - Cumulative NEV sales for the first half of 2025 were 6.937 million units, up 40.3% year-on-year, with a penetration rate of 44.3% [15] 2. Overall Power Battery Installation - The total power battery installation in June 2025 was 58.2 GWh, a 36% year-on-year increase [16] - Cumulative installations for the first half of 2025 reached 300 GWh, reflecting a 47% year-on-year growth [16] 3. Different Types of Power Battery Installations - LFP battery installations in June 2025 were 47.4 GWh, representing 81% of total installations, with a year-on-year growth of 50% [24] - In the first half of 2025, LFP battery installations totaled 243.9 GWh, also 81% of total installations, with a year-on-year increase of 73% [24] - In contrast, ternary battery installations were 10.7 GWh in June 2025, accounting for 18% of total installations, down 3.6% year-on-year [24] 4. Leading Companies' Power Battery Installations - In June 2025, CATL's battery installations were 25.4 GWh, making up 44% of total installations, with a year-on-year increase of 33% [38] - BYD's battery installations reached 12.5 GWh in June 2025, accounting for 21% of total installations, with a year-on-year growth of 17% [38] - For the first half of 2025, CATL's cumulative installations were 128.6 GWh, a 38% increase year-on-year, while BYD's were 70.4 GWh, up 39% [38]

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [5] Core Insights - The launch of Xiaomi YU7 has seen overwhelming demand, with over 200,000 orders in just 3 minutes and 289,000 in 1 hour, indicating strong product capability, pricing strategy, brand influence, and ecosystem synergy [1][13] - The Xiaomi YU7 comes in three configurations, priced at 253,500 CNY, 279,900 CNY, and 329,900 CNY, with impressive range and performance metrics [1][13] - The vehicle features advanced technology, including an 800V silicon carbide high-voltage platform and a comprehensive suite of high-level driving assistance hardware [2][14] Summary by Sections 1. Product Launch and Performance - Xiaomi YU7's performance includes a maximum power of 288 kW, peak torque of 528 N·m, and a 0-100 km/h acceleration time of 3.23 seconds [1][13] - The vehicle's configurations offer ranges of 835 km, 770 km, and 760 km, showcasing its competitive edge in the electric vehicle market [1][13] 2. Investment Strategy and Focus Areas - The report highlights opportunities in the supply chain, particularly for core technology suppliers like CATL and Huichuan Technology, which are expected to benefit from increased orders as Xiaomi's sales grow [3][15] - It also emphasizes the potential for smart driving and cockpit system suppliers, such as Desay SV and Huayang Group, to gain from the rising demand for automotive intelligence [3][15] - Companies specializing in integrated die-casting and lightweight components, like Top Group, are noted for their technological leadership and existing partnerships with Xiaomi [3][15] 3. Market Review - The automotive sector experienced a weekly increase of 2.88%, ranking 19th among 31 sectors, outperforming the Shanghai Composite Index and CSI 300 [4][16] - The report provides detailed performance metrics for various automotive sub-sectors, including automotive services and components, indicating a positive trend in the market [4][16]

Investment Rating - The report maintains an "Accumulate" rating for the securities industry [6] Core Views - The securities industry index fell over 1.7%, significantly exceeding the decline of the CSI 300 index, indicating further internal differentiation within the sector [4][29] - The overall trend of the securities sector is expected to remain in a volatile pattern, influenced by external factors, with some stocks potentially experiencing pulse-like fluctuations [4][29] Summary by Sections Weekly Economic Overview - In May 2025, the industrial added value above designated size grew by 5.8% year-on-year, with a month-on-month increase of 0.61% [7][10] - From January to May 2025, the industrial added value increased by 6.3% year-on-year [7][10] Market Review - For the week of June 16-20, the CSI 300 index decreased by 0.45%, while the securities industry index dropped by 1.73%, with only 2 stocks rising and 47 falling [2][13] Securities Sector Performance - The top five stocks by price change were Dongwu Securities, Guotai Junan, Guosen Securities, China Merchants Securities, and Shouguang Securities [3][14] - The bottom five stocks were Xiangcai Securities, Jinlong Securities, Tianfeng Securities, Northeast Securities, and Everbright Securities [15][20] Investment Strategy - The report suggests that the securities sector may be influenced by external factors, leading to a volatile market environment, while the overall trend is expected to remain oscillatory [4][29]

Investment Summary - The report indicates that market confidence has fluctuated, with four out of five tracked indices experiencing slight declines and one showing a minor increase [2][23]. - The price-to-earnings (PE) ratio percentiles for the CSI 300 and Shanghai Composite Index are analyzed, revealing that as of June 13, 2025, the CSI 300's PE percentile is approximately 35.76%, indicating a relatively low valuation state, while the Shanghai Composite's PE percentile is around 60%, suggesting it is higher than 60% of the time since January 1, 2019, but not at an extreme overvaluation [2][25]. Index Performance Overview - The performance of major indices last week was as follows: CSI 300 Index decreased by 0.25%, Shanghai Composite Index decreased by 0.25%, Shenzhen Component Index decreased by 0.60%, ChiNext Index increased by 0.22%, and the CSI 500 Index decreased by 0.38% [8][14]. - Among the 31 primary industry indices tracked, 13 experienced gains while 18 saw declines, with the top five performing sectors being non-ferrous metals, oil and petrochemicals, agriculture, media, and pharmaceuticals, while the bottom five were food and beverage, household appliances, building materials, computers, and electronics [8][14]. Market Trading Data - The total trading volume last week was 557.263 billion shares, with a total transaction value of 6,858.389 billion yuan. There were 1,859 stocks that rose and 3,473 that fell [17][18]. - As of the end of last week, 32 stocks reached historical highs, while 7 stocks hit historical lows. The number of stocks reaching new highs over the past 30, 60, and 120 days were 528, 438, and 258 respectively, while the new lows were 816, 302, and 60 respectively [17][19]. Margin Trading Data - Margin trading data indicates that the weekly financing balance increased by approximately 8.016 billion yuan, while the weekly margin balance rose by about 0.086 billion yuan [19][20].