公司报告 | 半年报点评 中航重机（600765） 证券研究报告 25H1 营收业绩短期承压，长期向好趋势不变 事件：公司 8 月 28 日发布 2025 年中报。 公司 2025H1 实现营收 57.51 亿元，YoY-4.51%，主要系产品配套交付进度及产品结构调 整影响所致；归母净利润 4.92 亿元，YoY-32.59%，主要系存款利息收入减少及汇率波动 汇兑收益减少致使财务费用增多所致。25H1 中，公司 Q2 实现营收 34.44 亿元，同比 +11.20%，环比+49.34%；归母净利润 2.94 亿元，同比-27.50%，环比+48.74%，营收 与归母净利润单季度出现显著改善。利润率方面，公司 25H1 毛利率为 29.27%，同比下降 1.38pcts；净利率为 10.42%，同比下降 3.50pcts。 ⚫ 费用端表现较为稳健，应收款项、存货及合同负债端相对改善 费用方面，公司 2025 年前半年期间费用率同比增加 0.91pcts 至 13.20%。其中：1）销售 费用率同比增加 0.09pcts 至 0.86%；2）管理费用率同比增加 0.67pcts 至 6.94%；3）研 发费用 ...

行业报告 | 行业研究周报 农林牧渔 证券研究报告 2025 年第 36 周周报：第三方机构公布 8 月能繁数据，如何解读？ 1、生猪板块：8 月第三方能繁环比持平或减少，重视生猪板块预期差！ 1）本周猪价震荡&仔猪价格继续新低。截至 9 月 6 日，全国生猪均价 13.87 元/kg，较上周末 上涨 0.73%（智农通）；本周 7kg 仔猪价格为 324 元/头（年内新低）。供应端，本周出栏均重为 128.23kg（环比+0.40kg），近五年历史同期最高，其中散户出栏均重 143.75kg（年内新高，已 接近 24 年 12 月水平），卓创/涌益/钢联 9 月样本企业计划出栏量环比+4.11%/+3.92%/+1.29%； 鉴于现阶段出栏均重仍处历史同期高位，天热导致消费支撑薄弱，猪价持续承压。卓创/涌益/ 钢 联 8 月样本点能繁母猪存栏量环比分别为 -1.11%/+0.07%/-0.80% （ 7 月分别为 -1.36%/+0.52%/+0.00%）,政策引导减产&供强需弱情况下，后续产能或有望持续去化。2）重视 生猪板块低估值、预期差！重视优秀企业的盈利能力！在 25 年猪价持续低位&政策引导情况 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Viewpoints - The company reported a revenue of 15 billion RMB for the first half of 2025, representing a year-on-year growth of 15%, and a net profit of 3.177 billion RMB, which is an increase of 8.39% compared to the previous year [1]. - The growth in revenue is attributed to increased demand for sportswear in Europe and the United States, with sportswear sales reaching 10.1 billion RMB, a 10% increase year-on-year. Casual wear saw a significant increase of 37%, reaching 3.8 billion RMB, driven by demand in Japan and Europe [1]. - The company is expanding its production capacity both domestically and internationally, with a new fabric factory in Vietnam nearing completion and a garment factory in Cambodia that began production in March 2025 [2]. - The company is also upgrading its existing domestic production facilities, including a new weaving factory in Ningbo and renovations in its garment factory [2]. - The company is enhancing its internal control systems and optimizing management processes to support its global operations, focusing on standardizing control processes and improving procurement controls [3]. - The revenue forecasts for 2025 to 2027 have been adjusted to 31.9 billion RMB, 35.5 billion RMB, and 39 billion RMB respectively, with net profits projected at 6.6 billion RMB, 7.3 billion RMB, and 8 billion RMB [4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 15 billion RMB, a 15% increase year-on-year, and a net profit of 3.177 billion RMB, an 8.39% increase [1]. Product Segmentation - Sportswear revenue was 10.1 billion RMB, up 10% year-on-year; casual wear revenue was 3.8 billion RMB, up 37%; underwear revenue was 900 million RMB, up 4%; and other knitted products generated 100 million RMB, up 6% [1]. Production Capacity Expansion - The company is making significant investments in expanding production capacity in Vietnam and Cambodia, with new factories expected to enhance production efficiency [2]. Internal Control and Management - The company is focusing on improving internal controls and management processes to enhance operational efficiency and supplier relationships [3]. Earnings Forecast - Adjusted revenue and net profit forecasts for 2025-2027 reflect a cautious outlook due to tariff uncertainties, with expected revenues of 31.9 billion RMB, 35.5 billion RMB, and 39 billion RMB, and net profits of 6.6 billion RMB, 7.3 billion RMB, and 8 billion RMB respectively [4].

固定收益 | 固定收益点评 公募费率改革进一步，几点关注 证券研究报告 《公开募集证券投资基金销售费用管理规定（征求意 见稿）》点评 9 月 5 日，中国证监会对《开放式证券投资基金销售费用管理规定》进行 了修订，并更名为《公开募集证券投资基金销售费用管理规定》（以下简称 《规定》），向社会公开征求意见。对此，我们点评如下： （一）大幅调降公募基金销售环节费率水平，进一步让利投资者，推动基 金从规模导向到注重管理能力提升 公募基金费率改革已历经两年有余，本次销售费用调降是其"最后关键一 步"。2023 年 7 月，中国证监会发布《公募基金行业费率改革工作方案》， 正式拉开"管理费用—交易费用—销售费用"三阶段走的费率改革序幕。 随后，监管通过限制新注册主动权益类基金管理费率上限、推动浮动管理 费率试点产品问世、优化交易佣金分配制度等举措推动基金降费。此次《规 定》聚焦销售费用角度，标志着费率改革进入"最后关键一步"。 本次销售费率调降幅度较大，涉及面较广。从当前开放式基金的最高申购 费率来看，已满足调降后上限要求的股票型、混合型和债券型基金数量占 比仅分别为 49%、11%、34%。《上海证券报》发文指出，本 ...

国务院：支持全民健身中心、体育公园等体育场地设施发行 REITs 9 月 4 日，国务院办公厅印发《关于释放体育消费潜力进一步推进体育产业 高质量发展的意见》。其中提出，丰富体育场地供给。出台国家步道体系建设 总体方案。持续开展"国球进社区"、"国球进公园"活动，推动户外运动设 施、全民健身中心、体育公园、社会足球场地等群众身边的体育场地设施建 设。通过中央预算内投资、地方政府专项债券、彩票公益金等支持符合条件 的体育场地设施建设。支持符合条件的项目发行基础设施领域不动产投资信 托基金（REITs）。 策略报告 | 投资策略 国务院：支持全民健身中心、体育公园等体育场 地设施发行 REITs 周观 REITs 市场表现方面，本周 REITs 市场上行，华夏合肥高新产园 REIT（+3.6%）领 涨 本周（2025.9.1-2025.9.5），中证 REITs 全收益指数上涨 0.47%，REITs 总指数 上涨 0.56%，产权 REITs 指数上涨 0.77%，经营权 REITs 指数上涨 0.15%。大类 资产角度，REITs 总指数跑赢沪深 300 指数 1.37 个百分点，跑赢中证全债指 数 0.26 ...

Investment Rating - Industry rating is maintained at "Outperform" [6] Core Views - The beverage sector showed a positive performance with a 2.13% increase, outperforming the Shanghai Composite Index [1][21] - The liquor segment, particularly white liquor, is entering a release period, with strong brands like Guizhou Moutai and Shanxi Fenjiu showing resilience despite industry adjustments [2][13] - Soft drinks and snacks are highlighted as sectors with strong performance and investment opportunities, driven by favorable market conditions and company-specific growth strategies [4][15] Summary by Sections Market Performance Review - From August 25 to August 29, the food and beverage sector increased by 2.13%, with snacks leading at +10.20% and beer slightly declining at -0.02% [1][21] Weekly Updates - White liquor saw a +2.14% increase, with companies like Shede Liquor and Jinhui Liquor performing well due to strong Q2 results. The sector's revenue and net profit decreased by 5.01% and 7.50% year-on-year, respectively [2][13] - The soft drink sector showed strong performance with a revenue increase of 17.8% and net profit increase of 18.8% in Q2 [16] Investment Recommendations - For the liquor sector, strong alpha companies such as Shanxi Fenjiu and Guizhou Moutai are recommended, while beta concept stocks include Luzhou Laojiao and Jingjia Gongjiu [20] - In the consumer goods sector, companies that focus on cost reduction and market share growth are favored, including Dongpeng Beverage and Salted Fish [20] Sector and Stock Performance - The food and beverage sector's dynamic P/E ratio is 22.0, with snacks having the highest valuation increase of +10.20% [28] - The top-performing stocks include Wancheng Group (+41.10%) and Ziyuan Food (+18.79%) [23][24]

Group 1 - The report highlights a significant increase in the issuance of equity mutual funds, with 66.147 billion units established in August, marking a month-on-month increase of 20.189 billion units, placing it in the 97.22 percentile over the past three years [8][9][10] - The report indicates that the issuance of active equity funds in August reached 16.961 billion units, up by 7.260 billion units from the previous month, while passive equity funds saw an issuance of 44.586 billion units, an increase of 9.284 billion units [10][11] - The report notes that the net subscription of existing equity ETFs in July was -3.349 billion yuan, but this figure improved significantly in August, with a net redemption scale narrowing [15][16] Group 2 - The report states that the scale of private securities funds increased significantly, with the total scale reaching 5.88 trillion yuan in July, reflecting a month-on-month increase [25][26] - The average position of private equity long strategies rose to 62.78% in July, an increase of 1.73 percentage points from June, indicating a recovery trend in private fund positions [26][31] - The report mentions that the monthly average trading volume of northbound funds in August was 294.227 billion yuan, a 51.96% increase from the previous month, with northbound trading accounting for 12.75% of total A-share trading [29][32] Group 3 - The report highlights that the margin financing balance reached 2.25 trillion yuan by the end of August, reflecting a month-on-month increase of 13.92%, indicating a rise in trading activity [34][36] - The report indicates that the net inflow of margin financing in August was 272.986 billion yuan, with margin financing transactions accounting for 10.98% of total trading [38][40] - The report notes that institutional investor accounts saw a significant increase, with approximately 10,000 new institutional accounts opened in August, a year-on-year increase of 98.37% [43][45] Group 4 - The report states that the scale of equity assets held by insurance companies increased by 261.914 billion yuan in the second quarter of 2025, reflecting a strong position in equity investments [47][49] - The report mentions that policies are being implemented to encourage insurance funds to invest 30% of new premiums in A-shares starting in 2025, which is expected to further boost equity market participation [51][52] - The report indicates that the issuance of wealth management products in August was 6,120, with the number of products reaching maturity increasing by 27.19% month-on-month [55][57] Group 5 - The report highlights that industrial capital saw a net reduction of 31.458 billion yuan in August, with a daily average net reduction of 1.498 billion yuan, indicating a trend of profit-taking at high market levels [62][63] - The report notes that the three major capital flow indicators reached a value of 0.64 as of August 29, placing it in the 96th percentile since the end of 2015, indicating a heated trading environment [70][71] - The report suggests that the current market sentiment is high, with increased risk appetite among investors, driven by favorable domestic and international developments [8][10][29]

港股公司报告 | 公司点评 耐赋康超预期上调指引，双基石双驱动战略明确 事件 公司发布 2025 年中报，公司 2025 年实现营业收入人民币 4.46 亿元，同比 增长 48%；非国际财务准则亏损总额显著收窄 31%；剔除非现金项目后毛 利率为 76.4%。截至 2025 年 6 月底，公司现金储备充裕，达人民币 16 亿 元。 耐赋康预期大幅上调，指南助力巩固领先地位 2025 年 H1 耐赋康实现销售收入 3.03 亿元，同比增长 81%。耐赋康 1-8 月 销售收入已达人民币 8.25 亿元，恢复正常供应后，8 月单月销售收入达人 民币 5.20 亿元，公司预计全年销售额将达人民币 12-14 亿元，并将在 2026 年继续保持高速增长，预计将达人民币 24-26 亿元。作为全球首个 IgA 肾 病的对因治疗药物，耐赋康在 24 年 5 月于中国大陆成功商业化上市，同年 11 月纳入医保目录。公司预计耐赋康将被纳入 2025 年发布的改善全球预 后（KDIGO） 2025 指南，并被纳入中国首个 IgA 肾病指南。 需求推动依嘉销售延续快速 2025 年 H1 依嘉实现收入 1.43 亿元，同比增长 ...

港股公司报告 | 公司点评 阿里巴巴-W（09988） 证券研究报告 云业务维持高增长，Capex 超预期 公司披露 FY26Q1 业绩。FY26Q1 公司收入 2477 亿元。经调整 EBITA 为 388 亿元。调整后净利润为 353 亿元。FY26Q1 资本支出为 386 亿元，超彭博一 致预期。 分业务：中国电商集团收入 1401 亿元，超彭博一致预期 15%，其中电商收 入 1186 亿元，包括客户管理收入 893 亿元，直销、物流和其他收入 293 亿元；经调整 EBITA 384 亿元，低于彭博一致预期 18%。云智能集团收入 334 亿元，超彭博一致预期 5%，经调整 EBITA 30 亿元，超彭博一致预期 14%。 中国电商集团：FY26Q1 收入 1401 亿元，经调整 EBITA 为 384 亿元，同比 下降 104 亿元。1）4 月底公司在淘宝 APP 上线 "淘宝即时零售" 服务。公 司在即时零售业务上投入，已经在用户与商家触达、物流能力建设及市场 推广方面取得较大成效。8 月的峰值日订单量达到 1.2 亿单，周均日订单 量达 8000 万单；用户规模方面，8 月即时零售 MAC 突 ...

公司报告 | 半年报点评 铭利达（301268） 证券研究报告 二季度盈利修复显著，新能源汽车业务成为核心驱动力 公司发布二季度盈利修复带动上半年整体改善 公司发布 2025 年中报，公司上半年实现营业收入 15.26 亿元，同比增长 37.95%；归母净利润亏损 3174 万元，同比明显收窄。分季度看，二季度营 业收入达到 8.71 亿元，同比大增 58.07%，环比一季度增长 32.87%；归母净 利润扭亏为盈，实现 1224 万元，而一季度亏损 4397 万元。第二季度毛利 率与净利率分别提升至 11.74%和 1.41%，盈利能力显著改善。整体来看， 二季度的修复使公司上半年业绩较去年同期有了明显改善。 公司主营业务覆盖新能源车、光伏储能与安防等领域 公司主营业务集中于精密结构件及模具的研发与生产，形成压铸、注塑、 型材、冲压等多工艺一体化制造体系。2025 年上半年，公司在新能源汽车、 光伏与储能以及安防等领域保持稳定布局。光伏业务在下游去库存完成后 逐步恢复，储能受海外需求扩张和重点客户拓展带动同比大幅增长；新能 源汽车业务在新客户与新项目带动下持续高增。公司客户多为世界 500 强 企业或行业头 ...