归母净利润同比增速转正 [Table_StockName] ——兴业银行（601166）点评报告 [Table_ReportDate] [Table_Summary] 报告关键要素: 兴业银行发布 2025 年中期业绩报告。 投资要点: ⚫ 归母净利润同比增速转正：兴业银行 2Q25 单季营收同比增速-0.9%， 较 1Q 同比-3.6%的降幅收窄，归母净利润同比增速 3.4%，同比增速 由负转正。1H25 营收同比增速为-2.3%，归母净利润同比增速为 0.2%。 ⚫ 总资产同比增速 2.6%，贷款同比增速 4.3%：截至 1H25 末，兴业银 行总资产同比增速 2.6%，其中，贷款同比增速 4.3%，金融投资同比 增速 9.6%。风险加权资产同比增速 7.4%。核心一级资本充足率 9.54%，较年初下降 21BP。 ⚫ 资产质量相关指标基本保持稳定：截至 1H25 末，不良率 1.08%，环 比持平。其中，对公房地产、信用卡新发生不良均同比回落 46%和 7.5%，信用卡不良率 3.28%，逾期率 5.57%，分别较上年末下降 0.36% 和 0.75%。地方政府融资平台无新发生不良，资产质量保持稳定。关 ...

[Table_Summary] 概览 核心观点 市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 09 月 01 日 星期一 【市场回顾】 上周五，A 股三大指数集体上涨，上证指数收盘涨 0.37%，报 3857.93 点，深证成指涨 0.99%，创业板指涨 2.23%。沪深两市 A 股成交额约 2.80 万亿元人民币，超 3900 股上涨。申万行业方面，综合、电力设 备领涨，家用电器行业领跌；概念板块方面，兵装重组概念、钠离子 电池、石墨电极涨幅居前。港股方面，恒生指数收盘涨 0.32%，恒生 科技指数涨 0.54%。美国三大股指全线收跌，道指跌 0.20%，标普 500 指数跌 0.64%，纳指跌 1.15%。欧洲股市三大股指收盘全线下跌，亚 太股市涨跌不一。 【重要新闻】 【证监会召开专题座谈会，提出持续巩固资本市场回稳向好势头】证 监会 8 月 29 日消息，为科学谋划"十五五"时期资本市场重点任务举 措，近日证监会党委书记、主席吴清在北京召开专题座谈会，与部分 高校和行业机构专家学者、中国资本市场学会会员深入交流，充分听 取意见建议。证 ...

证券研究报告|通信 [Table_Title] 推动卫星通信产业有序发展，手机、汽车直 连卫星等新业态规模应用进程有望提速 [Table_ReportType] ——通信行业快评报告[Table_ReportDate] [事件Table_Summary] ： 近日，工信部发布《关于优化业务准入促进卫星通信产业发展的指导意 见》（以下简称《指导意见》）。 投资要点： 产业支持性政策再出台，促进卫星通信产业商业化规模化应用提速。 《指导意见》旨在有序推动卫星通信业务开放，促进卫星通信产业高质 量发展，激发商业航天创新活力，目标到 2030 年，卫星通信管理制度 及政策法规进一步完善，产业发展环境持续优化，各类经营主体创新活 力充分迸发，基础设施、产业供给、技术标准、国际合作等综合发展水 平显著提升，手机直连卫星等新模式新业态规模应用，发展卫星通信用 户超千万，推动卫星通信充分融入新发展格局，有力服务经济社会高质 量发展。我们认为，《指导意见》从政策端进一步完善了卫星通信产业 的顶层设计，健全了相关管理制度及政策法规，推动卫星通信产业的有 序发展。同时，《指导意见》明确指出要推动手机直连卫星等新模式新 业态规模应用 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 08 月 29 日 星期五 [Table_Summary] 概览 核心观点 【中共中央 国务院发布《关于推动城市高质量发展的意见》】8 月 28 日，中共中央、国务院发布《关于推动城市高质量发展的意见》。《意 见》从优化现代化城市体系、培育壮大城市发展新动能、营造高品质 城市生活空间、推动城市发展绿色低碳转型、增强城市安全韧性、促 进城市文化繁荣发展、提升城市治理能力水平方面共提出 23 项措施。 【商务部：李成钢将率团赴美国华盛顿会见美方相关官员】8 月 28 日，商务部召开例行新闻发布会。据发布会介绍，商务部国际贸易谈 判代表兼副部长李成钢率团于 8 月 24-27 日访问加拿大，与加方共 同主持召开中加经贸联委会。之后，李成钢一行将赴美国华盛顿，会 见美方相关官员。 | [Table_InnerMarketIndex] | 国内市场表现 | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌幅% | | 上证指数 | 3,843.60 | 1.14% | | 深证成 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 08 月 28 日 星期四 [Table_Summary] 概览 策略：市场情绪受提振，风险偏好回升 电力设备：电力设备出口：变压器、开关表现亮眼，电表、电缆环比 回调 计算机：国务院印发《关于深入实施"人工智能+"行动的意见》，AI 应 用及终端落地有望提速 核心观点 【市场回顾】周三 A 股三大指数集体下跌。截至收盘，上证综指跌 1.76%，深成指跌 1.43%，创业板指跌 0.69%。全市场成交额 31,978 亿元，较上日增加 4,880 亿元。全市场超 4,700 只个股下跌。板块题 材上，CPO、稀土永磁、半导体板块涨幅居前；服装家纺、房地产、 白酒、创新药、教育板块跌幅居前。 3200 【重要新闻】 【国新办举行新闻发布会 介绍中国服务贸易发展和 2025 年服贸会 筹备工作进展情况】国务院新闻办公室于 2025 年 8 月 27 日举行新 闻发布会，介绍中国服务贸易发展和 2025 年服贸会筹备工作进展情 况。据介绍，9 月 10 日至 14 日，2025 年中国国际服务贸易交易会 ...

Investment Rating - The report maintains an "Outperform" rating for the computer industry, indicating an expected relative increase of over 10% compared to the market index in the next six months [12]. Core Insights - The implementation of the "Artificial Intelligence+" initiative aims to enhance the penetration of AI applications, targeting over 70% integration with six key sectors by 2027 and over 90% by 2030, leading to a new stage of intelligent economy and society by 2035 [3][4]. - The initiative emphasizes application-oriented development, promoting AI in vertical scenarios and intelligent products, marking a shift towards large-scale and commercial applications of AI [3]. - The report identifies six key action areas for accelerating AI application and terminal deployment, including technology, industrial development, consumer quality, public welfare, governance capabilities, and global cooperation [4]. - Eight foundational support capabilities are highlighted to foster a prosperous AI industry ecosystem, focusing on model capabilities, data supply innovation, computational power coordination, and talent development [5][10]. Summary by Sections AI Application Acceleration - The "Artificial Intelligence+" initiative is expected to significantly speed up the application and terminal deployment of AI across various sectors, with a focus on integrating AI into scientific research, industrial development, and consumer services [4][11]. Key Action Areas - The report outlines six major areas for action, including promoting intelligent tools in technology, fostering new business models in industry, enhancing consumer experiences with smart products, and improving public welfare through AI applications [4]. Foundational Support Capabilities - The report emphasizes the need to strengthen eight foundational capabilities, such as enhancing model capabilities, optimizing the application environment, and improving safety measures to support the AI industry's growth [5][10]. Investment Recommendations - The report suggests focusing on companies leading in AI product commercialization, particularly in AI terminals and applications across key sectors like industry, agriculture, and education [11].

Investment Rating - The industry is rated as "outperforming the market" with an expected relative increase of over 10% in the next six months [41]. Core Insights - In July 2025, the total export value of electrical equipment was 7.856 billion, showing a month-on-month decrease of 0.50% but a year-on-year increase of 32.89%. Cumulative exports from January to July reached 49.029 billion, up 36.24% year-on-year [1][10]. - Transformers showed strong performance with a July export value of 4.308 billion, reflecting a month-on-month increase of 2.07% and a year-on-year increase of 54.68%. Cumulative exports for the first seven months were 24.993 billion, up 50.25% year-on-year [2][13]. - The export of electric meters declined, with July exports at 829 million, down 7.52% month-on-month and 12.15% year-on-year. Cumulative exports for the first seven months were 6.129 billion, down 2.39% year-on-year [3][20]. - Switch exports rebounded significantly in July, with an export value of 810 million, up 18.74% month-on-month and 63.88% year-on-year. Cumulative exports for the first seven months were 4.851 billion, up 30.90% year-on-year [4][23]. - Cable exports showed a stable performance with July exports at 1.909 billion, down 8.95% month-on-month but up 13.06% year-on-year. Cumulative exports for the first seven months were 13.056 billion, up 36.45% year-on-year [9][31]. Summary by Category Transformers - July 2025 exports reached 4.308 billion, with a month-on-month increase of 2.07% and a year-on-year increase of 54.68%. Cumulative exports from January to July were 24.993 billion, up 50.25% year-on-year [2][13]. - Exports to Asia and Africa showed high growth, with respective increases of 96.17% and 36.69% year-on-year [14]. Electric Meters - July exports totaled 829 million, reflecting a month-on-month decrease of 7.52% and a year-on-year decrease of 12.15%. Cumulative exports for the first seven months were 6.129 billion, down 2.39% year-on-year [3][20]. - The Oceania region showed a recovery, with exports increasing by 34.66% month-on-month [21]. Switches - Exports in July amounted to 810 million, with a month-on-month increase of 18.74% and a year-on-year increase of 63.88%. Cumulative exports for the first seven months were 4.851 billion, up 30.90% year-on-year [4][23]. - Exports to Asia and Europe showed strong growth, with increases of 77.37% and 69.50% year-on-year, respectively [26]. Cables - July exports were 1.909 billion, down 8.95% month-on-month but up 13.06% year-on-year. Cumulative exports for the first seven months were 13.056 billion, up 36.45% year-on-year [9][31]. - The Latin American market showed significant growth, with exports increasing by 57.57% year-on-year [32].

Investment Rating - The industry investment rating is "Outperform the Market" [5][39]. Core Views - In July 2025, China's inverter export amount was 6.505 billion yuan, a month-on-month decrease of 1.08% but a year-on-year increase of 16.02%, indicating a slight month-on-month adjustment while showing strong year-on-year growth [2][13]. - From January to July 2025, the cumulative inverter export amount reached 36.971 billion yuan, reflecting a year-on-year growth of 8.63%, demonstrating stable market performance [2][13]. - The report highlights that the global renewable energy installation is rapidly increasing, leading to sustained growth in energy storage demand [10][36]. Summary by Sections Global Overview - In July 2025, the overall inverter export amount showed a year-on-year increase, with a total of 6.505 billion yuan exported [13]. Regional Performance - **Asia**: In July 2025, inverter exports to Asia amounted to 2.054 billion yuan, a month-on-month decrease of 22.84% but a year-on-year increase of 1.69%. The Middle East performed well, while India and Pakistan saw a decline in household storage demand [2][14]. - **Europe**: Exports to Europe reached 2.831 billion yuan in July 2025, with a month-on-month increase of 15.70% and a year-on-year increase of 28.13%. The UK and Netherlands showed strong performance [3][21]. - **North America**: Exports to North America were 235 million yuan, with a month-on-month increase of 6.27% and a year-on-year increase of 31.93%, indicating stabilization of tariff impacts [4][25]. - **Oceania**: Exports to Oceania reached a record high of 397 million yuan, with a month-on-month increase of 60.89% and a year-on-year increase of 188.80% [8][26]. Export by Provinces - In July 2025, inverter exports from Guangdong, Zhejiang, Anhui, and Jiangsu were 2.441 billion, 1.543 billion, 834 million, and 987 million yuan respectively, with Guangdong showing month-on-month growth [9][31].

Investment Rating - The industry investment rating is "Outperform the Market" indicating a potential increase of over 10% relative to the market index in the next six months [3][6]. Core Insights - In August 2025, the number of game approvals reached a record high, with 166 domestic games and 7 imported games approved, marking a year-to-date total of 1,050 domestic games and 69 imported games [1][2]. - Notable games that received approval include Tencent's "Kareus Dream" and bilibili's "Escape from Duckov," both of which are expected to perform well in the market due to their unique gameplay and strong development teams [1][2]. - The report emphasizes the ongoing normalization of game approvals, suggesting a steady recovery in the industry, and recommends focusing on leading companies with diverse product portfolios and strong R&D capabilities [2]. Summary by Sections Industry Events - The National Press and Publication Administration announced the approval of 166 domestic and 7 imported games in August 2025, with significant titles like "Kareus Dream" and "Escape from Duckov" gaining attention [1][2]. Game Performance - "Kareus Dream," developed by Smilegate's SUPER CREATIVE, combines dark fantasy elements with innovative gameplay mechanics, while "Escape from Duckov" offers a unique blend of cute aesthetics and tactical gameplay, achieving over 200,000 players and a 93% positive rating during its Steam testing phase [1][2]. Investment Recommendations - The report suggests that the industry is on a recovery path with a consistent release of game approvals, and it advises investors to pay attention to top-tier companies with strong product reserves and diverse thematic strategies [2].

Market Overview - The A-share market showed a positive trend in August, with major indices rising significantly, including the Shanghai Composite Index which closed at 3,883.56 points, up 8.69% from the end of July [2][12] - The market sentiment improved, driven by positive signals from the political bureau meeting and better-than-expected economic data, leading to increased investor confidence [8][12] - The liquidity in the A-share market improved, with the total trading volume rising and new equity fund subscriptions increasing by 7.41% [24][28] Industry Performance - All 31 Shenwan first-level industries experienced gains in August, with the non-ferrous metals sector leading with a 25.40% increase [13][42] - The TMT (Technology, Media, and Telecommunications) sector saw significant capital inflows, reflecting heightened investor interest in technology growth opportunities [3][32] - The healthcare and machinery sectors also attracted market attention, indicating a broad recovery in various industry segments [3][32] Valuation Levels - As of August 25, the dynamic price-to-earnings (PE) ratio for the Sci-Tech 50 index reached a historical percentile of 92.84%, indicating high valuation levels compared to historical data [41] - Most Shenwan first-level industries showed rising valuations, with 15 industries exceeding the historical 50th percentile in terms of PE ratios [42][44] Policy Analysis - The government emphasized the importance of domestic circulation and the implementation of policies to stimulate domestic demand, which is expected to support economic growth and industry performance [46][48] - Recent policies aimed at enhancing financial support for new industrialization and promoting consumption upgrades are likely to benefit various sectors, particularly those aligned with technological innovation and sustainable development [46][48]