[Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 08 月 27 日 星期三 [Table_Summary] 概览 核心观点 【市场回顾】周二 A 股三大指数涨跌互现。截至收盘，上证综指跌 0.39%，深成指涨 0.26%，创业板指跌 0.76%。全市场成交额 27,098 亿元，较上日减少 4,671 亿元。全市场超 2,800 只个股上涨。板块题 材上，猪肉、游戏、农药、消费电子、华为概念股板块涨幅居前；稀 土、创新药、军工、PEEK 材料、证券、机器人板块跌幅居前。 【重要新闻】 【国新办举行新闻发布会 介绍第二十五届中国国际投资贸易洽谈会 有关情况】国务院新闻办公室于 2025 年 8 月 26 日举行新闻发布会， 介绍第二十五届中国国际投资贸易洽谈会有关情况。据会议介绍，第 二十五届中国国际投资贸易洽谈会将于 9 月 8 日—11 日在福建省厦 门市举办。本届投洽会以"携手中国 投资未来"为主题，聚焦"投资中 国""中国投资""国际投资"三大板块，设立了约 12 万平方米展区，将 举办 70 多场投资专题活动和 100 多场专题路演。 3254 【国务 ...

证券研究报告|美容护理 [Table_Summary] 报告关键要素: 8 月 22 日，公司发布 2025 年半年度报告。报告显示，2025 年上半年， 公司实现营业收入 17.69 亿元（YoY+30.83%），实现归母净利润 1.86 亿 元（YoY+5.21%），实现扣非归母净利润 1.77 亿元（YoY+6.64%）；其中 2025 年第二季度，公司实现营业收入 9.23 亿元（YoY+33.53%），实现 归母净利润 0.51 亿元（YoY-23.08%），实现扣非归母净利润 0.43 亿元 （YoY-30.22%）。公司收入端符合我们此前预期，但利润端不及预期。 3263 投资要点: 分渠道：主战场线上渠道收入增速亮眼，线下渠道相对承压。2025 年 上半年，公司线上渠道实现营业收入 15.71 亿元，同比增长 37.85%， 收入占比 88.87%。丸美天猫旗舰店 TOP5 核心单品销售占比 73%，产品 集中度进一步提升；会员成交金额同比增长 28%，品牌粘性持续攀升； 店播销售同比增长 59%，其会员渗透率 82%，表现亮眼。公司线下渠道 实现营业收入 1.97 亿元，同比增长-7.07% ...

核心观点 【市场回顾】周一 A 股三大指数集体上涨。截至收盘，上证综指涨 1.51%，深成指涨 2.26%，创业板指涨 3%。全市场成交额 31,770 亿 元，较上日增加 5,981 亿元。全市场超 3,300 只个股上涨。板块题材 上，稀土、白酒、贵金属、CPO、卫星导航板块涨幅居前；美容护理、 页岩气、物流、纺织服装板块跌幅居前。 3263 【重要新闻】 【中国人民银行 金融监管总局 国家林草局联合印发《关于金融支持 林业高质量发展的通知》】8 月 25 日，中国人民银行、金融监管总局、 国家林草局联合印发《关于金融支持林业高质量发展的通知》，从深 化集体林权制度改革金融服务、强化林业重要战略实施金融保障、加 大林业产业高质量发展金融投入、建立金融支持生态产品价值实现机 制、完善政策配套体系及保障机制等五个方面，提出 15 条具体措施。 【新华社受权发布：中共中央办公厅 国务院办公厅关于推进绿色低 碳转型加强全国碳市场建设的意见】新华社北京 8 月 25 日电，中共 中央办公厅、国务院办公厅《关于推进绿色低碳转型加强全国碳市场 建设的意见》发布。《意见》从加快建设全国碳排放权交易市场、积 极发展全国温室 ...

⚫ 净息差环比下降 1BP：1H25 净息差为 1.42%，环比下降 1BP。 其中，国有大行、股份行、城商行和农商行净息差分别环比下 降 2BP、1BP、0BP 和 0BP 至 1.31%、1.55%、1.37%和 1.58%。 单季盈利增速转正 [Table_ReportType] ——银行行业快评报告[Table_ReportDate] [事件Table_Summary] ： 国家金融监管总局发布 2Q25 银行业主要监管数据。 投资要点： ⚫ 单季净利润同比增速由负转正：1H25 商业银行净利润同比增 速-1.2%，其中，国有大行、股份行、城商行和农商行净利润 同比增速分别为 1.1%、-2%、-1.1%和-7.9%。2Q25 单季商业银 行净利润同比增速为 0.1%，其中国有大行、股份行、城商行 和农商行单季净利润同比增速分别为 2.1%、1.2%、4.9%和- 16.1%。 ⚫ 行业整体规模增长提速，大行和城商行资产同比增速回到 10% 以上：2Q25 末，商业银行总资产同比增速为 8.9%，较 1Q25 末 的 7.2%有所提速。其中，国有大行和城商行同比增速提升至 10.4%和 10.2%。另 ...

Market Overview - The A-share market saw a collective increase in the three major indices on Friday, with the Shanghai Composite Index rising by 1.45%, the Shenzhen Component Index by 2.07%, and the ChiNext Index by 3.36%. The total market turnover reached 25,788 billion, an increase of 872 billion from the previous day. Over 2,800 stocks in the market experienced gains. The semiconductor, securities, and CPO sectors led the gains, while the dairy and gas sectors saw declines [2][6]. Important News - President Xi Jinping is set to attend the 2025 Shanghai Cooperation Organization Summit and will host the 25th meeting of the Council of Heads of State of the Shanghai Cooperation Organization, along with the "Shanghai Cooperation Organization+" meeting, delivering a keynote speech. The summit will take place from August 31 to September 1, 2025, in Tianjin, where Xi will also hold a welcome banquet and bilateral activities for attending leaders [2][6]. Industry Regulation - On July 28, 2025, the Ministry of Industry and Information Technology, along with the National Development and Reform Commission and the Ministry of Natural Resources, jointly announced the "Interim Measures for Total Control Management of Rare Earth Mining and Rare Earth Smelting Separation." This regulation mandates that rare earth production enterprises establish a tracking system for rare earth product flows, accurately record flow information, and submit this data to the Ministry of Industry and Information Technology by the 10th of each month [3][7].

Core Insights - The A-share market experienced fluctuations with the Shanghai Composite Index rising by 0.13% to 3771.1 points, while the Shenzhen Component Index fell by 0.06% and the ChiNext Index decreased by 0.47%. The total trading volume in the A-share market reached 2.46 trillion RMB, with over 2100 stocks rising [2][6] - In the industry performance, the agriculture, forestry, animal husbandry, and fishery sectors led the gains, while the machinery and power equipment sectors lagged behind. Concept sectors such as combustible ice and digital currency saw significant increases, whereas rare earth permanent magnets and military equipment restructuring concepts faced declines [2][6] - The Hong Kong market saw the Hang Seng Index drop by 0.24% to 25104.61 points, and the Hang Seng Tech Index fell by 0.77%. In overseas markets, the three major U.S. stock indices experienced slight declines, with the Dow Jones down by 0.34%, the S&P 500 down by 0.4%, and the Nasdaq down by 0.34% [2][6] Important News - In July, the total electricity consumption in China reached 1.02 trillion kWh, marking an 8.6% year-on-year increase. The residential electricity consumption amounted to 203.9 billion kWh, showing an 18.0% year-on-year growth. The share of renewable energy sources, including wind, solar, and biomass, has significantly increased, accounting for nearly one-quarter of the total consumption [7][8] Industry Analysis - The Chinese gaming market saw a revenue increase of 4.62% year-on-year and an 8.14% month-on-month growth in July 2025, with actual sales revenue reaching 29.084 billion RMB. The mobile gaming sector generated 21.36 billion RMB, reflecting a month-on-month growth of 6.36% and a year-on-year growth of 0.92% [8][9] - The global mobile gaming market experienced a revenue decline of 9.33% year-on-year, with Chinese companies accounting for 34% of the total revenue among the top 100 global mobile game publishers, generating 19.50 billion USD [9][10] - Chinese self-developed games saw an increase in overseas revenue, reaching 1.693 billion USD in July, with a month-on-month rise of 8.20% and a year-on-year increase of 6.76%. The game "Honkai: Star Rail" achieved a remarkable 290% increase in overseas revenue, topping the growth chart for mobile games [10][12]

Investment Rating - The industry is rated as "Outperforming the Market," indicating a projected increase of over 10% relative to the broader market index in the next six months [31]. Core Insights - The Chinese gaming market saw a revenue of 29.084 billion yuan in July 2025, reflecting a year-on-year growth of 4.62% and a month-on-month growth of 8.14% [9][11]. - The mobile gaming sector generated 21.36 billion yuan in July, with a month-on-month increase of 6.36% and a year-on-year increase of 0.92%, driven by strong performances from new and mature products [11][12]. - Globally, mobile game revenue decreased by 9.33% year-on-year, with July 2025 revenues totaling approximately 30.7 billion yuan [13][14]. - Tencent's games dominated the Chinese App Store's top revenue rankings, holding seven of the top ten spots, with titles like "Honor of Kings" and "Peacekeeper Elite" leading the charge [20][19]. - Chinese self-developed games saw overseas revenue of 1.693 billion USD in July, marking a year-on-year increase of 6.76% and a month-on-month increase of 8.20% [26][28]. Summary by Sections 1. Chinese Gaming Market - The overall gaming market in China achieved a revenue of 29.084 billion yuan in July 2025, with a year-on-year growth of 4.62% and a month-on-month growth of 8.14% [9]. - The mobile gaming market's revenue reached 21.36 billion yuan, with a month-on-month increase of 6.36% and a year-on-year increase of 0.92%, supported by strong performances from new and established titles [11][12]. 2. Global Gaming Market - The global mobile gaming market experienced a revenue decline of 9.33% year-on-year, with July revenues at approximately 30.7 billion yuan [13][14]. - "Honkai: Star Rail" topped the global revenue growth chart, benefiting from significant updates and player engagement [15]. 3. Revenue Rankings - Tencent's games occupied seven positions in the top ten revenue rankings on the Chinese App Store, with "Honor of Kings" and "Peacekeeper Elite" among the top earners [20][19]. - The top three Chinese game publishers in global revenue rankings were Tencent, Point Interactive, and NetEase, with Tencent leading the charge [19]. 4. Overseas Revenue - Chinese self-developed games generated 1.693 billion USD in overseas markets in July, reflecting a year-on-year increase of 6.76% and a month-on-month increase of 8.20% [26][28]. - "Honkai: Star Rail" achieved a remarkable 290% increase in overseas revenue due to successful IP collaborations and updates [28]. 5. Investment Recommendations - The report suggests focusing on companies with rich license reserves, strong R&D capabilities, frequent quality IP collaborations, and stable content output capabilities, as the market shows steady growth potential [29].

[Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 08 月 21 日 星期四 [Table_Summary] 概览 核心观点 【市场回顾】 市 场 研 究 周三，A 股低开高走，上证指数涨 1.04%报 3766.21 点，深证成指涨 0.89%，创业板指涨 0.23%。两市 A 股成交额 2.45 万亿元人民币，超 3600 股上涨。申万行业方面，美容护理、石油石化、电子行业领涨， 仅医药生物下跌；概念板块方面，同花顺果指数、AI 手机概念领涨， 猴痘、重组蛋白概念领跌。港股方面，香港恒生指数涨 0.17%报 25165.94 点，恒生科技指数跌 0.01%。海外方面，美国股市三大股指 收盘涨跌不一，道指涨 0.04%，标普 500 指数跌 0.24%，纳指跌 0.67%。 欧洲股市及亚太股市涨跌不一。 【重要新闻】 【金融监管总局拟出台《商业银行并购贷款管理办法》】8 月 20 日， 金融监管总局就《商业银行并购贷款管理办法（征求意见稿）》（下称 《办法》）公开征求意见。相较现行的《商业银行并购贷款风险管理 指引》，《办法》将并购贷款的适用范围进一步拓宽至部 ...

Core Insights - The A-share market experienced a narrow fluctuation with the Shanghai Composite Index down by 0.02% to 3727.29 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.12% and 0.17% respectively, with a total trading volume of 2.64 trillion RMB [1][6] - The personal pension system has introduced three new conditions for withdrawal starting September 1, allowing withdrawals in cases of serious illness, unemployment insurance, and minimum living security [7] - In July, the national general public budget revenue increased by 2.6% year-on-year, reaching 202.73 billion RMB, marking the highest growth rate of the year, with tax revenue growing by 5% [2][7] Market Performance - The A-share market saw nearly 3000 stocks rise, with the comprehensive, communication, and food and beverage sectors leading the gains, while non-bank financials and defense industries lagged [1][6] - The Hong Kong Hang Seng Index fell by 0.21% to 25122.9 points, and the Hang Seng Technology Index dropped by 0.67% [1][6] Economic Data - In July, the industrial added value growth rate fell by 1.1 percentage points to 5.7%, while fixed asset investment growth slowed to 1.6% from 2.8% [8] - Retail sales in July increased by 3.7% year-on-year, with a notable decline in growth rate compared to the previous month [11][17] Industry Analysis - The electric power equipment sector's overweight ratio continues to decline, with a notable increase in attention towards the wind power equipment sector [12][15] - The real estate investment growth rate is at a low, with sales slowing down, and new construction remains weak [9][11] Company Insights - Kweichow Moutai reported a revenue of 91.094 billion RMB in the first half of 2025, with a year-on-year growth of 9.16%, while the net profit reached 45.403 billion RMB, up by 8.89% [28][30] - The company has increased its direct sales channel revenue by 18.62%, indicating a shift in strategy to enhance direct consumer engagement [31][32] Consumer Trends - The consumer goods retail sector showed mixed results, with home appliances and furniture categories experiencing significant growth, while automotive sales faced a decline [18][19] - The online retail sector saw a cumulative growth of 9.2% in the first seven months of 2025, indicating a shift towards e-commerce [18][19]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next six months [5]. Core Insights - The company reported a total revenue of 91.094 billion yuan for the first half of 2025, reflecting a year-on-year growth of 9.16%. The net profit attributable to shareholders was 45.403 billion yuan, up 8.89% year-on-year [1][2]. - The resilience of the company's flagship product, Moutai liquor, is highlighted, with a revenue increase of 10.24% year-on-year, while the series liquor segment faced pressure with a growth of only 4.68% [3][4]. - The direct sales channel showed significant growth, with a revenue increase of 18.62% year-on-year, while traditional wholesale channels experienced a slowdown [4]. Financial Performance - For Q2 2025, the company achieved a total revenue of 39.650 billion yuan, a year-on-year increase of 7.26%, with a net profit of 18.555 billion yuan, up 5.25% year-on-year [1]. - The gross margin for the first half of 2025 was 91.30%, slightly down by 0.46 percentage points year-on-year, while the net margin was 49.84%, down by 0.12 percentage points [2]. - The company expects steady growth in net profit for 2025-2027, with projections of 94.179 billion yuan, 102.769 billion yuan, and 112.135 billion yuan respectively, reflecting a growth rate of around 9% [5][12]. Product and Channel Analysis - Moutai liquor's revenue for the first half of 2025 was 75.590 billion yuan, while series liquor revenue was 13.763 billion yuan, indicating stable growth for Moutai but challenges for series liquor [3]. - The direct sales channel's revenue for the first half of 2025 was 40.010 billion yuan, accounting for 44.78% of total revenue, while wholesale revenue was 49.334 billion yuan, making up 55.22% [4].