Group 1: Manufacturing Sector Insights - In August 2025, the manufacturing PMI increased by 0.1 percentage points to 49.4%, remaining below the expansion threshold, with a growth rate slightly lower than the average of 0.2% from 2016 to 2019[1] - The new orders index rose by 0.1 percentage points to 49.5%, contributing 0.03 percentage points to the PMI change[5] - The production index increased by 0.3 percentage points to 50.8%, marking the fourth consecutive month above the critical point[5] Group 2: Non-Manufacturing Sector Insights - The non-manufacturing PMI rose by 0.2 percentage points to 50.3%, indicating expansion, with the services index increasing by 0.5 percentage points to 50.5%[1] - The construction index fell by 1.5 percentage points to 49.1%, dropping into the contraction zone due to adverse weather conditions[1] - The business activity expectation index for services rose to 57.0%, indicating optimism among service sector enterprises[18] Group 3: Employment and Labor Market - The manufacturing employment index decreased by 0.1 percentage points to 47.9%, indicating a decline in employment conditions in the manufacturing sector[1] - The non-manufacturing employment index remained at 45.6%, with the services employment index dropping by 0.5 percentage points to 45.9%[23] - The construction employment index increased by 2.7 percentage points to 43.6%, supported by ongoing major infrastructure projects[23] Group 4: Risks and Economic Outlook - Risks include potential underperformance of domestic macroeconomic policies, delayed data extraction, and concentrated credit events[26] - The overall market demand remains weak, with external demand pressures still significant, indicating that the economic recovery foundation needs to be solidified[5]

证券研究报告 | 公司动态点评 2025 年 09 月 02 日 华电国际（600027.SH） 煤价下行带动盈利能力显著增强，资产注入促装机规模大幅提升 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 117,176 | 112,994 | 119,849 | 131,096 | 133,663 | | 增长率 yoy（%） | 9.5 | -3.6 | 6.1 | 9.4 | 2.0 | | 归母净利润（百万元） | 4,522 | 5,703 | 6,913 | 7,317 | 7,961 | | 增长率 yoy（%） | 3789.0 | 26.1 | 21.2 | 5.8 | 8.8 | | ROE（%） | 5.8 | 6.9 | 7.8 | 7.8 | 7.9 | | EPS 最新摊薄（元） | 0.39 | 0.49 | 0.60 | 0.63 | 0.69 | | P/E（倍） | 13.8 | 10.9 | 9.0 | 8.5 | 7.8 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Viewpoints - The company is expected to see revenue growth driven by AI and digital finance, with projected revenue increasing from 1,965.39 million RMB in 2023 to 4,723.75 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 9.71% [11] - The net profit attributable to the parent company is forecasted to rise significantly from 190.72 million RMB in 2023 to 1,568.04 million RMB in 2027, indicating a substantial recovery and growth trajectory [11] - The company is focusing on building a comprehensive product system to enhance user engagement and diversify revenue streams, with nearly 50 lightweight products launched to cater to diverse customer needs [2][3] Financial Performance Summary - Revenue for 2023 is reported at 1,965.39 million RMB, with a year-on-year growth rate of 6.23%, expected to increase to 2,305.99 million RMB in 2024, representing a growth rate of 17.33% [11] - The net profit for 2023 is 190.72 million RMB, with a significant decline of 58.59% year-on-year, but is projected to rebound to 1,215.91 million RMB by 2025, reflecting a growth rate of 346.43% [11] - The company's return on equity (ROE) is expected to rise from 12.59% in 2023 to 44.30% by 2027, indicating improved profitability and efficiency [11] Product and Technology Development - The company is advancing its AI capabilities and digital transformation, aiming to enhance its service offerings in the securities sector through AI integration in research, education, compliance, and customer service [2][3] - The establishment of a dedicated technology subsidiary, Jiufang Zhiying, is part of the strategy to develop a native service technology system in the AI field [2] Market Position and Strategy - The company is committed to a buy-side advisory model, with a strong emphasis on research capabilities and a well-structured team of experts to support its investment strategies [3] - The report highlights the company's efforts to enhance its online presence and user engagement, with a significant increase in social media followers and account operations [3] Future Outlook - The company is expected to benefit from ongoing reforms in the capital market, which are anticipated to bolster market confidence and support its growth strategy [9] - The report suggests that the company is well-positioned to leverage advancements in AI and digital finance to diversify its revenue streams and enhance customer retention [9]

证券研究报告 | 固定收益研究*周报 2025 年 09 月 02 日 固定收益研究 债市周观察（8.25-8.31）——债市逆风中等待转机 上周，股市涨幅明显放缓，上证指数在短暂突破 3800 点后出现回落，全 周高位震荡，周中出现了较大幅度的回调，对债市的压制也相对减轻。债 市方面则延续偏弱震荡的格局，10 年期国债活跃券收益率仅微幅调整 2BP，从 1.76%升至 1.78%，中间一度升至 1.79%的高点，始终没有突破 1.80%。当前的"股债跷跷板"效应出现不对称现象，债市对利空敏感而 对利好反应较弱。周三股市回调时，债市并未明显走强，而周四股市拉 升，债市则在跷跷板效应下迅速走弱，收益率上行 3BP 左右。 上周仍然处于政策真空期，股市涨跌主导债市情绪，消息面上主要有两方 面。一是 8 月中国制造业 PMI为 49.4%，连续第 5 个月位于收缩区间。产 需指数方面，8 月生产指数为 50.8%，较上月上升 0.3 个百分点，生产端 持续扩张；而新订单指数为 49.5%，需求不足的矛盾依然存在。主要原材 料购进价格指数和出厂价格指数分别为 53.3%和 49.1%，较上月上升 1.8 和 0.8 ...

证券研究报告 | 公司动态点评 2025 年 09 月 02 日 神州控股（00861.HK） 新签合同翻倍增长，业绩拐点已现 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 18277 | 16657 | 18376 | 20681 | 22664 | | 增长率 yoy（%） | 3.0 | -8.9 | 10.3 | 12.5 | 9.6 | | 归母净利润（百万元） | -1834 | -254 | 231 | 442 | 511 | | 增长率 yoy（%） | -690.8 | 86.2 | 191.0 | 91.2 | 15.7 | | ROE（%） | -29.1 | -4.4 | 3.8 | 6.8 | 7.3 | | EPS 最新摊薄（元） | -1.10 | -0.15 | 0.14 | 0.26 | 0.31 | | P/E（倍） | -2.9 | -21.3 | 23.4 | 12.2 | 10.6 | | P/B（倍） | 0.9 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4][18]. Core Insights - The company has demonstrated strong performance in its export offshore engineering business, with significant revenue and profit growth in the first half of 2025. Revenue reached 2.841 billion yuan, a year-on-year increase of 109.48%, and net profit attributable to shareholders was 547 million yuan, up 214.32% [1][2]. - The company's sales gross margin for the first half of 2025 was 28.17%, with a net profit margin of 19.24%, reflecting a year-on-year increase of 6.42 percentage points. The growth was primarily driven by increased delivery volumes and profitability in the export offshore engineering sector [2]. - The company has a robust order backlog, with cumulative signed orders exceeding 3 billion yuan since the beginning of the year, and over 10 billion yuan in overseas offshore engineering orders. This positions the company well for stable revenue and profit contributions in the coming years [3][8]. Financial Summary - The company's projected revenue for 2025 is 5.953 billion yuan, with a significant growth rate of 57.5% year-on-year. By 2027, revenue is expected to reach 9.619 billion yuan [1][8]. - Net profit attributable to shareholders is forecasted to be 1.008 billion yuan in 2025, with a growth rate of 112.8%, and is expected to increase to 1.853 billion yuan by 2027 [1][8]. - The report highlights a decrease in the company's price-to-earnings (P/E) ratio from 52.0 in 2023 to 11.9 by 2027, indicating improved valuation as earnings grow [1][8].

证券研究报告 | 公司动态点评 2025 年 09 月 02 日 东鹏控股（003012.SZ） 深耕零售渠道，盈利及经营质量持续改善 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 7,773 | 6,469 | 6,152 | 6,485 | 7,042 | | 增长率 yoy（%） | 12.2 | -16.8 | -4.9 | 5.4 | 8.6 | | 归母净利润（百万元） | 720 | 328 | 426 | 512 | 626 | | 增长率 yoy（%） | 256.6 | -54.4 | 29.7 | 20.2 | 22.2 | | ROE（%） | 9.2 | 4.3 | 5.4 | 6.3 | 7.4 | | EPS 最新摊薄（元） | 0.62 | 0.28 | 0.37 | 0.44 | 0.54 | | P/E（倍） | 12.1 | 26.5 | 20.4 | 17.0 | 13.9 | | P/B（倍） | 1.1 | 1. ...

证券研究报告 | 公司动态点评 2025 年 09 月 02 日 三维化学（002469.SZ） 业绩及新签订单同比高增，高分红持续回馈股东 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,657 | 2,554 | 3,231 | 3,842 | 4,581 | | 增长率 yoy（%） | 1.8 | -3.9 | 26.5 | 18.9 | 19.2 | | 归母净利润（百万元） | 282 | 263 | 343 | 431 | 537 | | 增长率 yoy（%） | 3.1 | -6.9 | 30.7 | 25.6 | 24.6 | | ROE（%） | 10.1 | 9.2 | 11.5 | 13.4 | 15.0 | | EPS 最新摊薄（元） | 0.43 | 0.40 | 0.53 | 0.66 | 0.83 | | P/E（倍） | 20.3 | 21.9 | 16.7 | 13.3 | 10.7 | | P/B（倍） | 2.1 ...

证券研究报告 | 公司动态点评 2025 年 09 月 01 日 经纬恒润（688326.SH） 单二季度扭亏为盈，有望持续受益智能驾驶迎来业绩反转 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 4,678 | 5,541 | 7,006 | 8,787 | 10,856 | | 增长率 yoy（%） | 16.3 | 18.5 | 26.4 | 25.4 | 23.5 | | 归母净利润（百万元） | -217 | -550 | 22 | 198 | 321 | | 增长率 yoy（%） | -192.2 | -153.3 | 104.1 | 785.4 | 62.1 | | ROE（%） | -4.3 | -12.8 | 0.5 | 4.4 | 6.6 | | EPS 最新摊薄（元） | -1.81 | -4.59 | 0.19 | 1.65 | 2.67 | | P/E（倍） | -64.5 | -25.5 | 627.1 | 70.8 | 43.7 ...

证券研究报告| 公司动态点评 2025 年 09 月 01 日 国瓷材料（300285.SZ） 1H25 公司电子和新能源材料持续放量，技术创新驱动长期发展-国 瓷材料 2025 半年报点评 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 3,859 | 4,047 | 4,756 | 5,529 | 6,619 | | 增长率 yoy（%） | 21.9 | 4.9 | 17.5 | 16.3 | 19.7 | | 归母净利润（百万元） | 569 | 605 | 752 | 897 | 1,082 | | 增长率 yoy（%） | 14.5 | 6.3 | 24.3 | 19.3 | 20.6 | | ROE（%） | 9.1 | 9.3 | 10.3 | 11.1 | 12.0 | | EPS 最新摊薄（元） | 0.57 | 0.61 | 0.75 | 0.90 | 1.09 | | P/E（倍） | 40.1 | 37.8 | 30.4 | 25. ...