公司点评报告 ·建筑行业 责如期快速提升,海外合同高增长 2025 年 8 月 28 日 | 主要财务指标预测 | | --- | | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(亿元) | 184.92 | 200.00 | 219.00 | 246.00 | | 收入增长率% | 12.03 | 8.15 | 9.50 | 12.33 | | 归母净利润(亿元) | 5.12 | 5.92 | 6.98 | 8.37 | | 利润增速% | -6.69 | 15.70 | 17.85 | 19.98 | | 毛利率% | 12.66 | 11.03 | 11.30 | 11.52 | | 摊薄 EPS(元) | 0.26 | 0.30 | 0.35 | 0.42 | | PE | 13.54 | 11.70 | 9.93 | 8.27 | 资料来源：公司公告,中国银河证券研究院 精工钢构(600496.SH) 推荐 维持评级 分析师 龙天光 ☎：021-2025-2646 事件:公司发布 2025年中报。 ...

公司点评报告 · 电子行业 Q2 业绩高增，算力相关 PCB 需求旺盛 —— 2025 年中报点评 2025 年 08 月 28 日 深南电路（002916.SZ） | | | 分析师 高峰 ：010-80927671 ：gaofeng_yj@chinastock.com.cn 分析师登记编码：S0130522040001 钱德胜 ：021-2025-2665 ：qiandesheng_yj@chinastock.com.cn 分析师登记编码：S0130521070001 | 市场数据 | 2025-08-27 | | --- | --- | | 股票代码 | 002916.SZ | | A 股收盘价(元) | 169.50 | | 上证指数 | 3800.35 | | 总股本（万股） | 66,674.08 | | 实际流通 A 股(万股) | 66,502.06 | | 流通 A 股市值(亿元) | 1127 | 相对沪深 300 表现图 2025-08-27 -20% 0% 20% 40% 60% 80% 100% 120% 140% 资料来源：Wind，中国银河证券研究院 相关研究 www.china ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company's performance in the first half of 2025 showed significant improvement, with revenue reaching 2.522 billion yuan, a year-on-year increase of 48.54%, and net profit attributable to shareholders of 855 million yuan, up 216.64% year-on-year [5]. - The increase in both quantity and price of potassium chloride has positively impacted the company's performance, with production and sales volumes for the first half of 2025 growing by 20.00% and 21.42% respectively [5]. - The company is expected to benefit from the upcoming production of two new 1 million ton/year potassium chloride projects, which will enhance its earnings potential [5]. - The change in major shareholders, with Huineng Group becoming the largest shareholder, is anticipated to strengthen the company's market competitiveness [5]. Financial Forecast Summary - Projected revenue for 2024 to 2027 is expected to grow from 35.48 billion yuan in 2024 to 80.28 billion yuan in 2027, with growth rates of -8.97%, 54.83%, 16.92%, and 25.00% respectively [2][7]. - Net profit attributable to shareholders is forecasted to increase from 9.50 billion yuan in 2024 to 27.50 billion yuan in 2027, with growth rates of -23.05%, 80.50%, 24.85%, and 28.40% respectively [2][7]. - The diluted EPS is projected to rise from 1.03 yuan in 2024 to 2.98 yuan in 2027, with corresponding P/E ratios decreasing from 32.14 to 11.11 [2][7].

| | | | 77272.06 | 81789.53 | 86537.87 | 96171.81 | | --- | --- | --- | --- | | 3.09 | 5.85 | 5.81 | 11.13 | | 8777.34 | 9913.75 | 10215.03 | 11274.38 | | -17.38 | 12.95 | 3.04 | 10.37 | | 42.91 | 41.30 | 40.35 | 39.59 | | 0.43 | 0.48 | 0.50 | 0.55 | | 21.25 | 18.82 | 18.26 | 16.55 | | 1.69 | 1.58 | 1.50 | 1.42 | | 2.41 | 2.28 | 2.16 | 1.94 | | 市场数据 | 2025-08-27 | | --- | --- | | 股票代码 | 601985 | | A 股收盘价(元) | 9.07 | | 上证指数 | 3,800.35 | | 总股本(万股) | 2,056,800 | | 实际流通 A 股(万股) | 1,888,328 | | 流通 A 股市值(亿元) | 1, ...

数字经济双周报（202508 第 2 期） 人形机器人技术验证与规模量产双提速 ——数字经济双周报（202508 第 2 期） 2025 年 8 月 28 日 核心观点 ⚫ 本周焦点：全球首届人形机器人运动会成功举办，人形机器人热度持续。 8 月 14 日 至 17 日 ，北京举 办全球首个人形机 器人运动 会。天工 Ultra 首次 全程"无遥控、零人工干预"完赛，田径、足球等项目冠军由宇树科技、清华 大学等队伍摘得。"实验室级"的人形机器人技术走向 "产业级"跑道，展 现出人形机器人运动可靠性显著提升，产业场景落地加速、产业链逐步完善。 我国人形机器人正处于加速发展阶段：政策端，过去十年间，国家在机器人领 域的规划、扶持与鼓励措施持续细化并落地；技术端，人形机器人需打通感知 —决策—执行闭环；产业端，传统制造企业延伸布局，初创公司积极涌入，科 技巨头依托技术与硬件优势快速卡位，多家车企亦通过自研、合作或投资等方 式切入。行业高速扩张，势必带来竞争格局的急剧重塑。 分析师 彭雅哲 ：010-8092 7607 ：pengyazhe_yj @chinastock.com.cn 分析师登记编码：S0130525 ...

北交所日报 北交所日报（2025.08.28） 2025 年 08 月 28 日 核心观点 分析师 范想想 ：010-8092-7663 ：fanxiangxiang_yj @chinastock.com.cn 分析师登记编码：S0130518090002 相对沪深 300 表现图 2025-08-28 资料来源：iFinD，中国银河证券研究院 相关研究 1. 【银河北交所】2025 年度策略_并购重组助高质 发展，抓两新两重投资机遇 2. 【银河北交所】2024 中期策略_新质生产力赋能 北证，关注国央企投资价值 3. 【中国银河证券】Deepseek 冲击波：北交所_ 中小企业的智能化赋能 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 1 北交所日报 图2：北证与 A 股各行业当日涨跌幅（算数平均/%/ 2025.08.28） 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 2 8 月 28 日，北证 50 涨跌幅为+0.26%，收于 1554.43 点。北证 50 指数 开盘点位为 1550.19 点，最高点位达 1557.68 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][35]. Core Views - The company is expected to benefit from an increase in demand for kitchen appliances, particularly due to government subsidies and a shift towards renovation and replacement needs in the housing market [6][25][26]. - The company holds a leading position in the kitchen appliance market, with significant market shares in both offline and online retail channels [7][8]. - The financial outlook shows a gradual recovery in revenue and profit margins, with projected earnings per share (EPS) increasing from 1.67 yuan in 2024 to 1.97 yuan in 2027 [36][35]. Financial Performance Summary - **Revenue Forecast**: - 2024A: 11,213 million yuan - 2025E: 11,578 million yuan - 2026E: 12,113 million yuan - 2027E: 12,702 million yuan - Revenue growth rates are projected to be modest, ranging from 0.1% in 2024 to 4.9% in 2027 [36]. - **Net Profit Forecast**: - 2024A: 1,577 million yuan - 2025E: 1,607 million yuan - 2026E: 1,740 million yuan - 2027E: 1,861 million yuan - The net profit growth rate is expected to recover from a decline of -9.0% in 2024 to a growth of 6.9% in 2027 [36]. - **Earnings Per Share (EPS)**: - 2024A: 1.67 yuan - 2025E: 1.70 yuan - 2026E: 1.84 yuan - 2027E: 1.97 yuan - Corresponding price-to-earnings (PE) ratios are projected to decrease from 11.86 in 2024 to 10.05 in 2027 [36]. Market Position and Trends - The company has maintained its leading market share in the kitchen appliance sector, with offline retail market shares of 31.2% for range hoods and 31.4% for gas stoves in the first half of 2025 [6][7]. - The overall kitchen appliance market is showing signs of recovery, driven by government subsidies and a shift in consumer demand towards more affordable products [25][26]. - The company is adapting to market changes by introducing new product lines to meet the rising demand for cost-effective kitchen appliances [6][25].

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company has shown significant growth in performance, with a 47% year-on-year increase in steel structure sales and a 29.48% increase in revenue for the first half of 2025 [5]. - The company achieved a net profit of 3.5 billion yuan, reflecting a 28.06% year-on-year growth, alongside a notable improvement in operating cash flow [5]. - New orders have increased, particularly in international contracts, which saw a substantial growth of 94.1% year-on-year [5]. Financial Forecast Summary - Revenue is projected to grow from 184.92 billion yuan in 2024 to 246 billion yuan in 2027, with growth rates of 12.03%, 8.15%, 9.50%, and 12.33% respectively [2][7]. - The net profit attributable to the parent company is expected to rise from 5.12 billion yuan in 2024 to 8.37 billion yuan in 2027, with growth rates of 15.7%, 17.85%, and 19.98% [2][7]. - The company's gross margin is forecasted to decline slightly from 12.66% in 2024 to 11.52% in 2027, while the diluted EPS is expected to increase from 0.26 yuan to 0.42 yuan over the same period [2][7]. Order and Market Performance - The company signed new orders worth 125.1 billion yuan in the first half of 2025, marking a 2.2% year-on-year increase, with international contracts exceeding the total for 2024 [5]. - The customer structure indicates that 30.3% of domestic orders are public building projects, while 69.7% are industrial buildings, with international contracts primarily focused on landmark and industrial buildings [5].

Investment Rating - The report maintains a "Recommended" rating for the company [1][4]. Core Views - The company's main business in building materials shows stable profitability, while investments in new economies add growth momentum [3]. - The company reported a significant improvement in Q1 performance, driven by dual engines of core business and new economic investments [3]. - The company is positioned as a leading player in the cement industry in East China, with advantages in brand, technology, regional layout, and cost control [3][4]. Financial Performance Summary - In H1 2025, the company achieved operating revenue of 2.272 billion yuan, a year-on-year decrease of 5.02%, while net profit attributable to shareholders increased by 44.53% to 247 million yuan [3]. - The sales volume of cement in H1 2025 was 7.0308 million tons, down 3.10% year-on-year, with an average selling price up 0.34% [3]. - The gross profit margin for cement and clinker improved due to a 23% year-on-year decrease in coal prices, with H2 2025 expected to see a gross margin of 31.80%, up 6.38 percentage points year-on-year [3]. - The company’s new economic equity investment business generated investment income of 4.02 million yuan in H1 2025, focusing on the semiconductor and new materials industries [3]. - Operating cash flow for H1 2025 was 476 million yuan, a year-on-year increase of 23.99%, indicating a strong cash flow position [3]. Future Outlook - The company has a five-year development plan (2025-2029) focusing on a business structure of "one main and two wings," which includes cement and building materials as the main business, and extending the industrial chain and new economic equity investments as the two wings [3]. - The company expects steady growth in performance, with projected net profits for 2025-2027 at 700.65 million, 790.57 million, and 876.95 million yuan respectively, with corresponding earnings per share of 0.72, 0.82, and 0.90 yuan [5][7].

公司点评报告 · 银行业 业绩增速稳中有升，转债转股夯实资本 —— 杭州银行 2025 年半年报业绩点评 2025 年 8 月 28 日 核心观点 杭州银行（股票代码：600926） 推荐 维持 分析师 张一纬 ：010-8092-7617 ：zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 研究助理 袁世麟 ：yuanshilin_yj@chinastock.com.cn | 市场数据 | 2025-08-27 | | --- | --- | | 股票代码 | 600926 | | A 股收盘价(元) | 15.86 | | 上证指数 | 3800.35 | | 总股本（万股） | 724900.25 | | 实际流通 A 股(万股) | 724900.25 | | 流通 A 股市值(亿元) | 1149.69 | 相对沪深 300 表现图 2025-08-27** 资料来源：ifind，中国银河证券研究院 -20% 0% 20% 40% 杭州银行 沪深300 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的 ...