往年资金面的"秋后异动"会影响今年 Q3 跨季吗？ ——2025 年 9 月流动性展望 [Table_ReportTime] 2025 年 9 月 4 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com1 证券研究报告 债券研究 [T专题able_ReportType] 报告 [Table_A 李一爽 uthor 固定收益 ] 首席分析师 执业编号：S1500520050002 联系电话：+8618817583889 邮 箱：liyishuang@cindasc.com 3往年资金面的"秋后异动"会影响今年 Q3 跨季吗？ ——2025 年 9 月流动性展望 [Table_ReportDate] 2025 年 9 月 4 日 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号金 隅大厦 B 座 邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com2 [➢Table_Summary] 7 月超储率环比下降 0.2pct 至 1.2%，降幅略大于预期，但也处于非季末月 的中性水平。 ...

电新行业点评：特斯拉强化机器人战略地位，26 年有望放量 [电Table_StockAndRank] 力设备与新能源 投资评级 看好 上次评级 看好 [Table_Industry] 电力设备与新能源 [Table_ReportDate] 2025 年 09 月 04 日 证券研究报告 行业研究 [行Tabl 业点评e_ReportType] 报告 胡琎心 电新行业首席分析师 执业编号：S1500525080001 联系电话：010-83326711 邮 箱：hujinxin@cindasc.com 姚云峰 电力设备与新能源行业联系人 联系电话：18840829584 邮 箱：yaoyunfeng@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金隅大厦 B 座 邮编：100031 [Table_Title] 特斯拉强化机器人战略地位，26 年有望放量 [Table_ReportDate] 2025 年 09 月 04 日 本期核心观点 [Tale_S 事件：um9 月 2 日，特斯拉正式发布其"宏图计划"第四篇章(Mast ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_Title] 线下医疗机构经营稳健，国医 AI 分身解决医 疗资源分配难题 [Table_ReportDate] 2025 年 9 月 4 日 [Table_S 事件：202ummar 5 年y]H1 公司实现营业收入 14.95 亿元，同比增长 9.5%；实现毛 利润 4.58 亿元，同比增长 14.1%；实现净利润 1.52 亿元，同比增长 41.6%； 实现经调整净利润 1.70 亿元，同比增长 15.2%。 点评： ➢ 线下医疗机构经营稳健，客户流保持快速增长。 1）按照业务类型拆分，2025H1 提供医疗健康解决方案实现营业收入 14.85 亿元，同比增长 10.4%，销售医疗健康产品实现营业收入 0.10 亿元，同比下降 50.9%；2）按照渠道划分，2025H1 线下医疗机构实 现营业收入 13.67 亿元，同比增长 11.1%，线上医疗健康平台实现营业 收入 1.27 亿元，同比下降 5.2%；3）按照量价关系拆分，2025H1 客 流量（客户就诊人次）274.7 万人次，同比增长 15.3%，客单价（就 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 三友医疗(688085) 投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业联席首席分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 超声骨刀放量，海外业务表现亮眼 [Table_ReportDate] 2025 年 09 月 04 日 [Table_S 事件：公司发布 ummary] 2025 年中期报告，2025 年上半年实现营业收入 2.50 亿元 （yoy+17.77%），归母净利润 0.37 亿元（yoy+2083.64%），扣 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has demonstrated stable growth with a revenue of 4.659 billion yuan in the first half of 2025, reflecting a year-on-year increase of 8.16%. The net profit attributable to the parent company reached 1.203 billion yuan, up 7.37% year-on-year [1][2] - The dual growth drivers of respiratory and blood glucose management businesses are highlighted, with the respiratory segment showing over 40% revenue growth due to the launch of advanced products and successful overseas market penetration [2] - The company is actively developing AI smart wearable medical devices, aiming to create an integrated health management ecosystem that combines hardware, software, and data [2] Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 4.659 billion yuan, with a net profit of 1.203 billion yuan and an operating cash flow of 1.167 billion yuan, indicating a year-on-year increase of 15.13% [1][2] - The projected revenues for 2025-2027 are 8.639 billion, 9.909 billion, and 11.379 billion yuan, with corresponding year-on-year growth rates of 14.2%, 14.7%, and 14.8% respectively [2][4] - The expected net profit for the same period is forecasted to be 2.104 billion, 2.453 billion, and 2.882 billion yuan, with growth rates of 16.5%, 16.6%, and 17.5% respectively [2][4]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 华大智造(688114) | | | 上次评级 买入 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业首席首席分析师 执业编号：S1500524120003 邮 箱：hexin1@ cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 测序仪装机创新高，为试剂放量奠定 基础 测序试剂放量可期，国内+海外双轮驱 动增长 2024Q2 环比恢复增长，测序仪装机创 新高 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 业绩季度环比改善，测序试剂放量可期 [Table_ReportDate] 2025 年 09 月 04 日 [Tab ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 青达环保(688501.SH) 投资评级 —— 上次评级 —— [Table_Author 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Author] 郭雪 执业编号：S1500525030002 邮 箱： XXXXX xxx 行业分析师 [Table_Title] 主业订单释放业绩，上半年实现归母净利同 比增长 352% [Table_ReportDate] 2025 年 09 月 03 日 [Table_S 事件：公司发布 ummary] 2025 年半年度报告，2025 年上半年公司实现总营业收入 11.86 亿元，同比增长 130.76%；实现归母净利 ...

Report Industry Investment Rating - The report gives a "Bullish" rating for the shipping and port industry [2] Core Viewpoints - The overall throughput performance is stable, so the report maintains a "Bullish" rating for the shipping and port sector [8] Summary by Directory 1. Overview: National Import-Export Volume and Cargo Throughput - **Import-Export Volume**: From January to July 2025, the national import-export volume reached 25.7 trillion yuan, a year-on-year increase of 3.5%. The national import volume was 10.39 trillion yuan, a year-on-year decrease of 1.6%, and the national export volume was 15.3 trillion yuan, a year-on-year increase of 7.3% [2] - **Cargo Throughput**: From January to July 2025, the cargo throughput of major coastal ports in China reached 66.83 billion tons, a year-on-year increase of 2.9%, and the foreign trade cargo throughput of major coastal ports reached 28.85 billion tons, a year-on-year increase of 2.2% [3] 2. Containers: Container Shipping Freight Rates and Container Throughput - **Container Shipping Freight Rates**: On August 29, 2025, CCFI closed at 1,156.32 points, a year-on-year decrease of 42.74% and a month-on-month decrease of 1.58%. SCFI closed at 1,445.06 points, a year-on-year decrease of 53.35% and a month-on-month increase of 2.1% [4] - **Container Throughput**: From January to July 2025, the container throughput of major coastal ports in China reached 178.71 million TEUs, a year-on-year increase of 6.5%. The year-on-year growth rates of Qingdao, Shanghai, Ningbo-Zhoushan, and Shenzhen were 7.8%, 4.4%, 9.4%, and 8.8% respectively [4] 3. Liquid Bulk: Oil Shipping Freight Rates and Crude Oil Throughput - **Oil Shipping Freight Rates**: On August 29, 2025, BDTI closed at 1,045 points, a year-on-year increase of 18.62% and a month-on-month increase of 0.29%. On August 28, 2025, the TCE of TD3C, TD25, and TD22 routes were 49,000, 42,700, and 43,300 US dollars per day respectively [6] - **Crude Oil Throughput**: From January to July 2025, China's crude oil imports reached 327 million tons, a year-on-year increase of 2.8%. The crude oil throughput of major crude oil unloading port enterprises reached 229 million tons, a year-on-year decrease of 4.34% [6] 4. Dry Bulk: Bulk Shipping Freight Rates and Iron Ore, Coal Throughput - **Bulk Shipping Freight Rates**: On August 29, 2025, BDI closed at 2,025 points, a year-on-year increase of 11.63% and a month-on-month increase of 4.17% [7] - **Iron Ore Throughput**: On August 27, 2025, the port iron ore inventory was 133 million tons. From January to July 2025, the iron ore throughput of major iron ore unloading port enterprises reached 800 million tons, a year-on-year increase of 2% [7] - **Coal Throughput**: On August 29, 2025, the coal inventory in northern ports was 23 million tons. From January to July 2025, the coal throughput of major coal shipping port enterprises in the north reached 395 million tons, a year-on-year decrease of 1.35% [7] 5. Monthly Throughput of Key Port Listed Companies - **Shanghai International Port Group**: In July 2025, the cargo throughput was 51 million tons, and the container throughput was 4.616 million TEUs. From January to July 2025, the cumulative cargo throughput was 348 million tons, and the cumulative container throughput was 31.681 million TEUs [88] - **Ningbo Port**: In July 2025, the cargo throughput was 95 million tons, and the container throughput was 4.31 million TEUs. From January to July 2025, the cumulative cargo throughput was 695 million tons, and the cumulative container throughput was 29.74 million TEUs [88] - **China Merchants Port Holdings**: In July 2025, the container throughput of Pearl River Delta ports was 1.489 million TEUs, and the container throughput of overseas ports was 3.231 million TEUs. From January to July 2025, the cumulative container throughput of Pearl River Delta ports was 10.457 million TEUs, and the cumulative container throughput of overseas ports was 22.441 million TEUs [88] - **Beibu Gulf Port**: In July 2025, the cargo throughput was 30 million tons, and the container throughput was 792,300 TEUs. From January to July 2025, the cumulative cargo throughput was 205 million tons, and the cumulative container throughput was 5.5508 million TEUs [88] - **Guangzhou Port**: In July 2025, the cargo throughput was 50 million tons, and the container throughput was 2.272 million TEUs. From January to July 2025, the cumulative cargo throughput was 337 million tons, and the cumulative container throughput was 15.676 million TEUs [88]

Investment Rating - The investment rating for Xiangsheng Medical (688358) is not explicitly stated in the provided documents, but the report indicates a positive outlook on revenue growth and profitability potential, suggesting a favorable investment perspective [1][2]. Core Viewpoints - The company reported a revenue of 236 million yuan for the first half of 2025, reflecting a year-over-year decline of 4.61%, primarily due to global geopolitical conflicts, currency fluctuations, and trade barriers affecting traditional export markets. However, revenue showed a positive growth of 1.37% in Q2 2025 compared to Q1 2025 [2]. - The gross profit margin remained stable at 60.65% in H1 2025, with expectations of improved profitability as the revenue share from high-end intelligent ultrasound products increases [2]. - The company is focusing on AI and robotics to enhance growth opportunities, with significant R&D investment of 37.61 million yuan, representing 15.93% of revenue. The launch of the SonoAI solution aims to upgrade ultrasound diagnostics across various clinical applications [2]. - Revenue projections for 2025-2027 are estimated at 534 million, 626 million, and 728 million yuan, with corresponding net profits of 165 million, 192 million, and 222 million yuan, indicating growth rates of 13.9%, 17.3%, and 16.3% respectively [2][3]. Financial Summary - For 2025, the expected total revenue is 534 million yuan, with a year-over-year growth rate of 13.9%. The projected net profit is 165 million yuan, reflecting a growth rate of 17.6% [3]. - The gross margin is expected to be around 58.9% in 2025, with a gradual increase to 59.4% by 2027 [3]. - The earnings per share (EPS) is projected to be 1.47 yuan in 2025, with a price-to-earnings (P/E) ratio of 20.32 [3].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 新产业(300832) 投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业联席首席分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 大型机占比持续提升，收入展现增长 韧性 海外业务稳健增长，大型机装机持续 推进 大型机占比持续提升，助力业绩稳健 增长 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 海外业务稳步增长，国内市场短期承压 [Table_ReportDate] 2025 年 09 月 03 日 [Table_S 事件：公司发布 ...