丨证券研究报告丨 市场策略丨点评报告 [Table_Title] 0916 港股日评：指数分化，机器人概念领涨 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% 报告要点 [Table_Summary] 2025 年 9 月 16 日，港股市场大市成交额达到 2940.7 亿港元，南向资金净卖出 31.89 亿港元。 港股三大指数今日走势分化，恒指高开低走、全日震荡。近期汽车产业链政策密集落地，涵盖 账款支付规范、绿色转型、储能建设及行业稳增长等多方面，系统性提振市场对板块成长潜力 的预期，带动 Wind 香港电气设备及 Wind 香港汽车与零配件走强。此外，马斯克透露将评估 A5 芯片并召开人工智能、机器人及产能会议，提振机器人产业链预期，催化机械相关个股及指 数上行。 [Table_Title2] 0916 港股日评：指数分化，机器人概念领涨 [Table_Summary2] 事件描述 港股市场方面，恒生指数回调 0.03%报 26438.51，恒生科技上涨 0.56%报 6077.66，恒 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a net profit attributable to shareholders of 209 million yuan in Q2 2025, a year-on-year decrease of 30% and a quarter-on-quarter increase of 9%. The non-recurring net profit was 145 million yuan, down 51% year-on-year and down 20% quarter-on-quarter [2][4]. - Despite the continuous decline in lithium prices in the first half of 2025, the company demonstrated significant cost advantages and resilient profitability. The sales volume of lithium salts reached approximately 12,050 tons, with an average price of battery-grade lithium carbonate at 70,400 yuan per ton, a year-on-year decrease of 32%. The gross margin for the lithium battery new energy business was 29.76%, a decrease of 2.94 percentage points year-on-year [10]. - The company has ample cash reserves, with cash on hand amounting to 5.224 billion yuan and almost no long-term debt. The dividend payout ratio reached 40%, with a total dividend of 159 million yuan in the first half of 2025 [10]. - The company possesses high-quality upstream lithium ore resources, ensuring stable raw material costs for lithium salt production. The mining rights of its subsidiary cover an area of 1.8714 square kilometers, with confirmed ceramic soil mineral resources of 49.22521 million tons [10]. - As a cost-effective lithium extraction enterprise, the company is expected to enhance profitability through the expansion of production capacity and the implementation of a 10,000-ton battery-grade lithium carbonate technical transformation project [10]. Financial Summary - In the first half of 2025, the company achieved total operating revenue of 28.31 billion yuan, a year-on-year decrease of 6.28%, with a gross margin of 11.52%, down 0.79 percentage points year-on-year [10]. - The financial forecasts indicate total operating revenue of 80.11 billion yuan for 2025, with a projected net profit of 903 million yuan [16].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's profitability is pressured by declining lithium prices, with a focus on the potential growth of small metals and copper resources [4][9]. - In Q2 2025, the company reported a net profit attributable to shareholders of -0.46 billion yuan, a year-on-year decrease of 121% and a quarter-on-quarter decrease of 134% [2][4]. - The company is diversifying its metal resources, with steady development in lithium and rubidium-cesium segments, while accelerating the expansion into gallium, germanium, and copper [9]. Financial Performance - In H1 2025, the company achieved lithium salt sales of 17,900 tons, a year-on-year increase of 6.37%, and began direct sales of self-produced lithium concentrate, with sales of 34,800 tons [9]. - The rubidium-cesium segment generated revenue of 708 million yuan in H1 2025, a year-on-year increase of 50.43%, with a gross profit of approximately 511 million yuan, also up by 50.15% [9]. - The copper smelting business faced a net profit loss of approximately 200 million yuan due to a significant decline in industry processing fees [9]. Future Outlook - The company is advancing its lithium sulfate project in Africa and enhancing resource utilization efficiency at the Tanco mine in Canada [9]. - A lithium salt technical transformation project commenced in June 2025, expected to increase smelting capacity by 5,000 tons while reducing costs [9]. - The copper segment is progressing with the Kitumba copper mine project, with initial design work completed and construction underway [9].

丨证券研究报告丨 [Table_Summary] 主业经营稳健，受益于新增并表子公司，公司 2025Q2 实现收入和业绩的同环比增长。聚焦人 形机器人赛道，持续深化具身智能投资布局，25H1 公司完成对开普勒、他山科技、猿声先达、 北微传感等战略投资。同时，公司在工业级多物理量传感器领域的投资与并购也在推进，进一 步丰富产品矩阵和技术路线。对关键领域的投资布局，为公司业绩持续增长奠定良好基础。目 前公司人形机器人推进送样并获得批量订单。2025H1 公司已向超过 50 家国内人形机器人、协 作机器人及工业机器人企业送样，获得市场认可。 公司研究丨点评报告丨柯力传感（603662.SH） [Table_Title] 柯力传感：传感器业务新增并表贡献业绩，深度 参与人形机器人产业布局 报告要点 分析师及联系人 [Table_Author] SAC：S0490517110001 SAC：S0490520030003 SAC：S0490524030001 SFC：BRP550 赵智勇 倪蕤 刘晓舟 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 柯力传感（603662. ...

丨证券研究报告丨 固收资产配置丨点评报告 [Table_Title] 化债额度提前下达，建筑转债怎么看？ ——可转债周报 20250913 报告要点 [Table_Summary] 当周（2025 年 9 月 8 日-2025 年 9 月 13 日）建筑转债仍处于估值中位、市价较高位的相对企 稳阶段，同时正股基本面有望随政策托底逐步修复，板块具备规模较大和估值相对较低的优势， 建筑转债或具备配置机会。权益市场方面，A 股震荡上行，中证 500 与科创风格相对占优，科 技成长与制造主线持续活跃，电子、电力设备成交集中，部分高拥挤方向估值偏高。转债市场 整体修复，小盘反弹强于大盘，估值结构有所分化，高平价券估值上行，隐含波动率小幅抬升， 风格轮动迹象显现。一级市场供给稳定，条款博弈频现，需持续关注事件驱动型机会。 分析师及联系人 [Table_Author] 赵增辉 熊锋 朱承志 SAC：S0490524080003 SAC：S0490524120004 SFC：BVN394 SFC：BWI629 请阅读最后评级说明和重要声明 %% %% 当周（2025 年 9 月 8 日-2025 年 9 月 13 日，下同） ...

丨证券研究报告丨 行业研究丨点评报告丨房地产 [Table_Title] 止跌回稳压力加大，政策阈值逐步临近 ——2025 年 1-8 月统计局房地产数据点评 报告要点 [Table_Summary] 8 月房地产开发和销售各项指标累计同比降幅均扩大，核心城市二手房价压力依旧较大，自下 而上的新一轮政策宽松逐步启动，8 月以来北京、上海、深圳陆续放松限购，后续常规政策仍 有空间，超常规政策也有较大回旋余地。标的层面，基本面主线首选库存压力小且产品力相对 突出的优质房企，弹性主线可适当下沉至边际改善型和债务重组型房企；低利率和资产端匮乏 等背景下，具备稳定现金流和潜在高股息的商业地产、物业管理和经纪等领域的龙头企业，仍 是中长线配置机会。 分析师及联系人 [Table_Author] 刘义 宋子逸 SAC：S0490520040001 SAC：S0490522080002 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 止跌回稳压力加大，政策阈值逐步临近 2] ——2025 年 1-8 月统计局房地产数据点评 [Ta ...

丨证券研究报告丨 公司研究丨点评报告丨雷赛智能（002979.SZ） [Table_Title] 雷赛智能：Q2 收入业绩同环比提升，机器人 核心部件实现批量订单 报告要点 [Table_Summary] 2025Q2 业绩基本符合预期，收入和业绩同环比均有提升。公司抓住新兴行业结构性机会，弥 补光伏行业业绩下降缺口，同时，继续维持国产伺服系统市场 No.2 的市场地位，总体盈利能 力维持稳健。公司布局关节模组、无框力矩电机、空心杯电机、灵巧手等人形机器人核心部件， 绝大部分客户已经取得进展。无框力矩电机、空心杯电机等组件与解决方案已经取得若干规模 商业订单，形成一定销售收入，实现数倍增长。同时公司预计 2025 年第三季度启动试产试销 和小批量生产 15 个主动自由度的灵巧手新产品。持续看好公司人形机器人业务发展。 [Table_Author] 赵智勇 倪蕤 刘晓舟 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490524030001 SFC：BRP550 请阅读最后评级说明和重要声明 %% %% %% %% 分析师及联系人 公司发布 2025 年半年度报告，20 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 272 million yuan for the first half of 2025, representing a year-on-year increase of 13.5%. However, the net profit attributable to shareholders was a loss of 17 million yuan, and the net profit after deducting non-recurring items was a loss of 31 million yuan. In Q2 2025, the revenue reached 152 million yuan, showing a year-on-year increase of 20.8% and a quarter-on-quarter increase of 26.4%, with a net profit loss of 1 million yuan and a non-recurring net profit loss of 10 million yuan, indicating a reduction in losses compared to the previous quarter [2][4]. Summary by Sections Company Overview - The company has seen an increase in production capacity utilization for its main product, brome stone, with significant shipment growth in Q2. Despite a price decline compared to last year, prices have stabilized with major clients, leading to continued operational growth despite a volume increase and price decrease [9]. Financial Performance - The company’s gross margin for brome stone has remained relatively stable, primarily due to internal cost reduction and efficiency improvements. The expansion of the thermal conductive ball aluminum business has faced delays but is expected to commence production in September 2025 [9]. Technological Developments - The company is transitioning its Solid Oxide Fuel Cell (SOFC) technology from pilot testing to industrialization, with the first demonstration project expected to be operational by the end of 2025. The efficiency of SOFC is high, but costs are currently elevated due to an incomplete supply chain, which is anticipated to improve as production scales up [9]. Future Outlook - The company expects to maintain a growth trajectory for the year, with shipment targets likely to be met. The optimization of sales structure, including small particle size products and overseas clients, is expected to contribute to profit recovery. The company is also optimistic about achieving bulk sales of SOFC, low-alpha alumina, and high-purity quartz sand, which will validate its material platform strategy [9].

Investment Rating - The investment rating for Hunan YN is "Buy" and is maintained [6] Core Views - Hunan YN reported a revenue of 14.358 billion yuan for the first half of 2025, representing a year-on-year increase of 33.17%. However, the net profit attributable to shareholders decreased by 21.59% to 305 million yuan, and the non-recurring net profit fell by 18.45% to 310 million yuan [2][4] - In Q2 2025, the company achieved a revenue of 7.596 billion yuan, a year-on-year growth of 21.31%, while the net profit attributable to shareholders declined by 8.54% to 211 million yuan, and the non-recurring net profit decreased by 1.39% to 225 million yuan [2][4] - The company experienced a significant increase in iron lithium shipments, reaching 480,800 tons in the first half of the year, a growth of 55.38%, with a capacity utilization rate of 116.82% [10] - The company is expected to continue improving its core operating trends, with new product sales increasing and a positive contribution from lithium prices anticipated in Q3 2025. The projected net profit attributable to shareholders for 2025 is 1.5 billion yuan [10] Summary by Sections Financial Performance - For the first half of 2025, Hunan YN's total revenue was 14.358 billion yuan, with a year-on-year growth of 33.17%. The net profit attributable to shareholders was 305 million yuan, down 21.59%, and the non-recurring net profit was 310 million yuan, down 18.45% [2][4] - In Q2 2025, the company reported revenue of 7.596 billion yuan, a 21.31% increase year-on-year, while the net profit attributable to shareholders was 211 million yuan, down 8.54% [2][4] Production and Sales - The company achieved iron lithium shipments of 480,800 tons in the first half of 2025, marking a 55.38% increase, with a high capacity utilization rate of 116.82% [10] - The sales of new products, including the CN-5 and YN-9 series, contributed approximately 40% to the total sales volume, indicating a positive shift in product mix [10] Future Outlook - The company is expected to benefit from improved operational trends, with anticipated positive contributions from lithium prices in Q3 2025. The projected net profit for 2025 is estimated at 1.5 billion yuan [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In the first half of 2025, the company achieved a revenue of 621 million, representing a year-on-year increase of 27.55%. The net profit was -414 million, with a non-recurring net profit of -419 million, both showing a reduction in losses year-on-year [5][8] - The revenue growth was primarily driven by the launch of new consumer-grade products and the delivery of signed projects related to educational intelligent robots and intelligent robot solutions. Despite a decline in overall gross margin, the company improved its expense ratio, leading to a significant improvement in net profit margin [2][8] - The company has made breakthroughs in multiple business lines, including educational intelligent robots, logistics intelligent robots, commercial robots, and consumer-grade robots, which are expected to continue to gain momentum. Additionally, the company is actively expanding its humanoid robot business, with expectations for increased production and sales this year [2][8] Summary by Sections Revenue and Profitability - The company reported a revenue of 621 million for 2025H1, up 27.55% year-on-year. The educational intelligent robots and solutions generated 240 million in revenue, a 48.8% increase, while logistics robots saw a revenue of approximately 56.2 million, down 5.7% [5][8] - The overall gross margin decreased to 35.0%, down 3.0 percentage points year-on-year. However, the company optimized its expense ratios, with sales, management, R&D, and financial expense ratios improving significantly [8] Business Lines and Growth Potential - The educational intelligent robots are being deployed in K12 education scenarios, with projects initiated in multiple locations. The logistics robots are advancing with significant orders and partnerships, while commercial robots have shown promising applications in various tasks [8] - The company is also launching new consumer-grade robots, including pool cleaning robots and smart lawn mowers, which are contributing to revenue growth [8] Humanoid Robot Business - The company is increasingly focusing on humanoid robots, with expectations for production and sales to ramp up this year. Contracts for humanoid robots have been secured, and significant orders are in hand, indicating strong market demand [8]