晨 会 纪 要 [2025]第 162 号 主 题：对近期重要经济金融新闻、行业事件、公司公告等进行点评 时 间：2025 年 09 月 02 日 8:50-9:30 会议形式：腾讯会议 参会人员：曹旭特 仇华 许雯 王攀 蒋栋 张德燕 轩鹏程 文正平 李杰 王文瑞 张 智珑 郭怡萍 何超 李育文 李正威 别璐莎 邢维洁 孙菲 马丽明 贺钰偲 汪炜 聂 孟依 顾华昊 整理记录：蒋栋 研究所今日晨会要点如下: 一、 宏观 1、宏观信息与点评（何超） 1、上半年，上市公司实现营业收入 35.01 万亿元，同比增长 0.16%；净利润 3 万亿元， 同比增长 2.54%，增速较上年全年提升 4.76 个百分点。全市场近六成公司营收正增长，超 四分之三公司实现盈利，2475 家公司净利润正增长，1943 家公司营收、净利双增长。 2、8月，制造业PMI为49.4%，环比上升0.1个百分点；非制造业商务活动指数为50.3%， 环比上升 0.2 个百分点；综合 PMI 产出指数为 50.5%，环比上升 0.3 个百分点。 按价格分类看，8 月万得高价转债指数涨幅（+8.92%）大幅领先于低价（+3.14%）和中价 指数（ ...

债券研究 可转债研究 正股行情延续，转债精选板块 相关研究： 证券研究报告 2025 年 09 月 01 日 湘财证券研究所 核心要点： ❑ 8 月权益市场交投持续活跃，转债继续跑输正股 根据 Wind 数据，8 月（8.1-8.29）中证转债指数上涨 4.32%，中证全指上涨 10.74%；年初至今，中证转债指数、中证全指分别上涨 14.85%、20.49%。8 月权益市场延续了较高的成交活跃度，市场风险偏好明显上升，因此转债 表现整体弱于正股，中证转债指数分别跑输沪深 300、中证 500 指数 6pct、 9pct。 按价格分类看，8 月万得高价转债指数涨幅（+8.92%）大幅领先于低价 （+3.14%）和中价指数（+3.26%），连续 4 个月大幅上涨。主要原因在于 高价转债股性较强，在权益市场持续上行期具备更强的跟涨能力，另一方 面则体现出资金对于当前行情持续性的确认。年初至今，高价转债指数累 计上涨 20.35%，尤其是 7-8 月显著跑赢中价、低价指数。 ❑ 科技板块延续强势表现，但涨幅仍不及正股 根据 Wind 一级行业分类，8 月信息技术转债指数上涨 6.62%，延续了上月 的强劲表现，全年 ...

证券研究报告 2025 年 9 月 1 日 湘财证券研究所 宏观研究 宏观月度数据点评 建筑业景气度下滑明显 ——8 月 PMI 数据点评 相关研究： | 1. | 《制造业和服务业景气度回 | | --- | --- | | 升》 | 2024.11.05 | | 2. | 《非制造业景气度回升明 | | 显》 | 2025.01.06 | | 3. | 《制造业和非制造业景气度 | | 均有所回落》 | 2025.02.05 | | 4. | 《关税致外需景气度下滑明 | | 显》 | 2025.05.06 | 分析师：何超 证书编号： S0500521070002 Tel：021-50295325 Email： hechao@xcsc.com 根据 Wind 数据，商务活动 PMI 录得 50.3，较前值上涨 0.2 个百分点； 建筑业 PMI 录得 49.1，较前值下降 1.5 个百分点；服务业 PMI 录得 50.5，较前值上涨 0.5 个百分点。建筑业景气度下滑明显，新订单指数 降至 40.6，显示地产销售疲软和专项债发行节奏放缓导致新增项目不 足；尽管从业人员指数回升，但供需矛盾突出，拖累整体非 ...

中报压力释放，关注估值修复行情 相关研究： | 1.《7月CPI环比转正，同比持平》 | | | --- | --- | | 2025.08.10 | | | 2.《茅台业绩符合预期，关注新 | | | 消费布局机遇》 | 2025.08.17 | | 3.《中报陆续披露，关注底部布 | | | 局机遇》 | 2025.08.24 | 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3.8 -17.7 -20.4 绝对收益 5.0 -0.5 15.5 注：相对收益与沪深 300 相比 分析师：李育文 证券研究报告 2025 年 8 月 31 日 湘财证券研究所 行业研究 食品饮料行业周报 ❑ 8 月 25 日-8 月 29 日，食品饮料行业上涨 2.13% 根据Wind，8月25日-8月29日，上证指数上涨0.84%，深证成指上涨4.36%， 沪深 300 指数上涨 4.18%，创业板指上涨 7.74%。申万食品饮料行业上涨 2.13%，涨跌幅排名 7/31，跑输沪深 300 指数 0.59pct，食饮子板块涨跌不 一，其中零食上涨 3.71%，烘焙食品上涨 0.7 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company experienced a decline in revenue and net profit in the first half of 2025, primarily due to weak consumer demand, but there are signs of improvement in the third quarter [5][6] - The company is expanding its new media channels, with a notable performance in the internet segment, which saw a revenue increase of 15.14% year-on-year [6] - The company has established a competitive advantage through a full industry chain, excellent variety selection, and unique processing technologies [7][8] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 300 million yuan, a decrease of 16.51% year-on-year, and a net profit of 65.56 million yuan, down 33.99% year-on-year [5] - The Q2 2025 revenue was 129 million yuan, a decline of 6.64% year-on-year, with a net profit of 7.18 million yuan, down 67.61% year-on-year [5] Market Expansion - The company is focusing on expanding its presence in provinces outside of Zhejiang through flagship stores and traditional channels, with positive sales results reported in July and August [6] - The internet channel's revenue growth is attributed to the development of new media channels, particularly influencer live streaming, which has attracted a younger customer base [6] Competitive Advantages - The company has developed a comprehensive industry chain model that ensures product safety and effectiveness, along with a resource library for superior medicinal materials [7][8] - Unique technologies for processing products, such as low-temperature supersonic airflow breaking and purification, enhance product quality and absorption rates [8] Future Projections - The revenue forecasts for 2025-2027 are adjusted to 697.14 million yuan, 777.59 million yuan, and 859.25 million yuan, with expected growth rates of 0.79%, 11.54%, and 10.50% respectively [8]

Macro Information and Commentary - From January to July, the total profit of national industrial enterprises above designated size reached 40,203.5 billion yuan, a year-on-year decrease of 1.7%, while revenue was 78.07 trillion yuan, a year-on-year increase of 2.3% [2] - The State Administration for Market Regulation held a symposium for individual industrial and commercial households, emphasizing that platform enterprises and financial institutions should enhance support for these businesses in terms of traffic, operational costs, financial empowerment, and capability improvement [2] Company and Industry Analysis Semiconductor Industry - The DDR4 market price continues to rise, with LPDDR4X prices also on an upward trend. Samsung has postponed the planned cessation of 1z process DDR4 production from the end of 2025 to December 2026, stabilizing DDR4 market prices in the short term, but supply shortages are expected to drive prices up in the medium to long term. Trendforce forecasts a price increase of 38%-43% for LPDDR4X in Q3 [5][6] - The SSD market has seen a slight price decline, with embedded channel prices stabilizing recently. Major NAND manufacturers are shifting capacity towards high-margin products, leading to price increases for lower-capacity products [5][6] - Investment recommendations include focusing on domestic storage manufacturers like Zhaoyi Innovation, Lanke Technology, Ju Chen Co., and Shenkong Co., as the niche DRAM market is expected to maintain mid-to-high price levels due to supply-demand dynamics [5] Medical Consumables Industry - The sales model for joint products is shifting from distribution to agency, leading to a slight decline in revenue, which is expected to stabilize in 2025. The spinal product line remains strong, with market share leading in collective procurement [7] - The company is actively expanding overseas, targeting strategic markets such as Indonesia, Brazil, Russia, and Thailand, with initial positive results from international strategies [7][8] - The company is diversifying its R&D efforts and pursuing acquisitions to drive performance, focusing on new therapies and technologies in areas like minimally invasive spine surgery and pain management [8] - Revenue projections for 2025-2027 are 1.575 billion, 1.821 billion, and 2.110 billion yuan, with corresponding net profits of 265 million, 317 million, and 361 million yuan, maintaining an "overweight" rating [8] Rare Earth Permanent Magnet Industry - The rare earth magnetic material industry saw an 11.02% increase last week, outperforming the benchmark by 6.84 percentage points. The industry valuation has risen to 99.9 times, reflecting a 7.7 times increase [9][10] - Prices for rare earth minerals have accelerated, with significant increases in praseodymium and neodymium prices due to tight inventory and strong downstream demand. The average price of praseodymium and neodymium oxide rose by 11.66% and 12.03%, respectively [9][10] - The recent release of management measures for rare earth mining and separation indicates a tightening of supply, which is expected to support prices in the short term. The demand from downstream sectors like new energy vehicles remains stable [11][12] - The industry maintains an "overweight" rating, with recommendations to focus on upstream rare earth resource companies benefiting from supply constraints and potential demand increases due to relaxed export controls [12][13] Banking Industry - Chengdu Bank reported a year-on-year revenue growth of 3.2% and a net profit growth of 5.6% in Q1 2025, with net interest income increasing by 7.6% due to strong expansion and stable interest margins [14][15] - The bank's total assets grew by 13.3% year-on-year, with loans increasing by 16.9%. The bank's asset quality remains stable, with a non-performing loan ratio of 0.66% [15][16] - The bank is expected to maintain a strong performance with projected net profit growth rates of 6.3%, 5.4%, and 4.2% for 2025-2027, maintaining an "overweight" rating [16]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company's profitability has improved, with a narrowing decline in non-interest income. For the first half of 2025, the company's operating revenue decreased by 3.0% year-on-year, while the net profit attributable to shareholders increased by 1.1 percentage points to 2.8% [6] - The company is experiencing rapid asset expansion, with total assets growing significantly, primarily due to an increase in financial investments, which now account for 28.1% of total assets. Loan growth remains stable, although the growth rate is slowing [7] - The company's operational stability has strengthened, with an increase in the mid-term dividend payout ratio. The mid-term dividend payout ratio rose to 30.7%, an increase of 1.5 percentage points compared to the same period last year [8] Financial Performance Summary - For the first half of 2025, the company's net interest income decreased by 1.9% year-on-year, primarily due to a decline in interest margins. The net interest margin for the first half was 1.63%, down 14 basis points year-on-year [11] - The company has seen a 3.4% year-on-year increase in net fee income, driven by its focus on wealth management and comprehensive financing services [11] - The company's total assets grew by 8.3% year-on-year, with loans increasing by 10.5% year-on-year, while the personal loan growth rate slowed to 0.9% [12] - The non-performing loan ratio remained stable at 1.16%, with a provision coverage ratio of 207.53%, indicating a solid asset quality [12] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025 is 70,267 million yuan, with a growth rate of 2.5%. The expected earnings per share (EPS) for 2025 is 1.28 yuan [9][13] - The projected price-to-book (PB) ratios for 2025, 2026, and 2027 are 0.50, 0.46, and 0.42, respectively [9][13]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company reported a strong performance in the first half of 2025, with revenue reaching approximately 4.34 billion yuan, a year-on-year increase of 12.5%, and a net profit attributable to shareholders of 1.05 billion yuan, up 27.6% year-on-year [1] - Overseas revenue continues to grow rapidly, with a 21.3% increase year-on-year, accounting for 77.8% of total revenue, while domestic revenue faced short-term pressure, declining by 31.2% [2][4] - The company's gross margin improved to 35.7%, up 0.4 percentage points year-on-year, driven by higher contributions from overseas and other business segments [3] Summary by Sections Financial Performance - In the first half of 2025, the company achieved an operating income of approximately 4.34 billion yuan, with a net profit of 1.05 billion yuan, and a basic earnings per share of 2.08 yuan [1] - The second quarter of 2025 saw revenues of about 2.44 billion yuan, a 1.3% increase year-on-year, and a net profit of 620 million yuan, up 19.4% [1] Business Segmentation - The high-altitude platform business generated 3.98 billion yuan in revenue, an 8.7% increase year-on-year, while other business revenues surged by 77.3% to 360 million yuan [2] - Despite a 47.2% decline in the domestic high-altitude platform industry, the company mitigated the impact through enhanced customer loyalty and new service offerings [2] Profitability Metrics - The company's gross margin increased to 35.7%, with a decrease in total expense ratio to 4.1% due to a significant rise in exchange gains [3] - The net profit margin rose to 24.3%, reflecting improved profitability [3] Future Outlook - The company expects continued growth in revenue and net profit for 2025-2027, with projected revenues of 8.57 billion yuan, 9.67 billion yuan, and 10.94 billion yuan, representing year-on-year growth rates of 9.9%, 12.8%, and 13.2% respectively [4][29] - The net profit forecast for the same period is 2.07 billion yuan, 2.43 billion yuan, and 2.86 billion yuan, with growth rates of 27.0%, 17.7%, and 17.5% respectively [4][29]

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company is a global leader in high-performance rare earth permanent magnet materials, focusing on the manufacturing of neodymium iron boron magnets, with its core business highly concentrated [4] - The company's revenue has been significantly impacted by product prices in recent years, leading to a continuous decline in performance, but profitability has been gradually recovering since the second half of 2024 [4][5] - The company is actively expanding into the field of humanoid robotics, which is expected to become a significant growth point in the future [6][7] Summary by Sections Company Overview - The company specializes in the research, production, and sales of high-performance neodymium iron boron permanent magnet materials, magnetic components, and the recycling of rare earth permanent magnet materials [4] - Its main products are widely used in various sectors, including new energy vehicles, energy-efficient air conditioning, wind power generation, and robotics [4] Financial Performance - The company's net profit attributable to shareholders decreased by 19.78% and 48.37% in 2023 and 2024, respectively, due to reduced exchange gains, increased R&D expenses, and intensified competition [4] - From Q2 2024 to Q2 2025, the company's net profit growth rates were -88.35%, -52.24%, 35.62%, 57.85%, and 703.06%, indicating a recovery trend [4] - In the first half of 2025, the company achieved operating revenue of 3.507 billion yuan, a year-on-year increase of 4.33%, with the main business revenue growing by 11.08% [5] Market Position and Growth Potential - The company is benefiting from the recovery of rare earth prices and increased demand in the new energy and energy-saving sectors, with significant growth in the sales of products for new energy vehicles and variable frequency air conditioning [7] - The company has established long-term strategic partnerships with major rare earth suppliers, ensuring stable raw material supply for production [7] - The company is also developing a recycling system for rare earth materials, which has a higher profit margin [7] Future Projections - Revenue projections for 2025-2027 are 9.268 billion yuan, 10.158 billion yuan, and 12.658 billion yuan, with year-on-year growth rates of 37.03%, 9.61%, and 24.61%, respectively [8] - The net profit attributable to shareholders is expected to reach 659 million yuan, 811 million yuan, and 982 million yuan in the same period, with growth rates of 126.45%, 23.05%, and 21.19% [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [9] Core Insights - The company's performance in H1 2025 was impressive, with Q2 continuing to show high growth [1] - The company reported a significant increase in revenue and net profit, with H1 revenue reaching 544 million yuan, a year-on-year growth of 42.30%, and net profit of 131 million yuan, also up by 42.19% [3] - The company has improved its expense ratios significantly, with a sales expense ratio of 10.43%, down by 2.24 percentage points, and a net profit margin of 24.59%, up by 0.07 percentage points [4] - The home respiratory machine and consumables business experienced rapid growth, with home respiratory machine revenue at 349 million yuan, up 51.49%, and consumables revenue at 178 million yuan, up 30.30% [5] - The company rebranded from "怡和嘉业" to "瑞迈特," which is expected to enhance brand value and market penetration [6] Financial Performance Summary - For H1 2025, the company achieved a gross profit margin of 52.17%, an increase of 0.46 percentage points year-on-year, and a net profit margin of 24.59%, up by 0.07 percentage points [4] - The company has adjusted its revenue forecasts for 2025-2027, now expecting revenues of 1.074 billion yuan, 1.295 billion yuan, and 1.512 billion yuan respectively, with corresponding net profits of 220 million yuan, 287 million yuan, and 354 million yuan [7]