丨证券研究报告丨 公司研究丨点评报告丨海力风电（301155.SZ） [Table_Title] 海力风电：Q2 业绩同比高增，存货历史高位奠 定交付放量基础 报告要点 [Table_Summary] 公司 2025 上半年营业收入 20.3 亿元，同比增长 461.1%；归母净利润 2.1 亿元，同比增长 90.6%；扣非净利润 1.6 亿元，同比增长 61.3%。单季度看，公司 2025Q2 营业收入 15.9 亿 元，同比增长 570.6%；归母净利润 1.4 亿元，同比增长 315.8%；扣非净利润 1.4 亿元，同比 增长 379.9%。 分析师及联系人 [Table_Author] %% %% %% %% research.95579.com 1 邬博华 曹海花 司鸿历 周圣钧 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524120003 SFC：BQK482 SFC：BVD284 请阅读最后评级说明和重要声明 海力风电（301155.SZ） cjzqdt11111 [Table_Title 海力风电：Q22 ...

Investment Rating - The report maintains a "Buy" rating for Qingdao Beer [9] Core Views - Qingdao Beer achieved a total revenue of 20.491 billion yuan in H1 2025, representing a year-on-year increase of 2.11%. The net profit attributable to shareholders was 3.904 billion yuan, up 7.21% year-on-year, while the net profit excluding non-recurring items was 3.632 billion yuan, an increase of 5.99% year-on-year [2][4] - The company’s sales volume reached 4.732 million kiloliters in H1 2025, with a volume increase of 2.3%, outperforming the domestic beer industry, which saw a decline of 0.3% in cumulative production from January to June. The main brand's sales volume increased by 3.9% in H1 2025 [5] - The improvement in gross margin is driven by cost benefits and product structure optimization, with the gross margin rising by 2.09 percentage points year-on-year to 43.7% in H1 2025 [6] Summary by Sections Financial Performance - In Q2 2025, total revenue was 10.046 billion yuan, a year-on-year increase of 1.28%. The net profit attributable to shareholders was 2.194 billion yuan, up 7.32% year-on-year, and the net profit excluding non-recurring items was 2.029 billion yuan, an increase of 6.02% year-on-year [2][4] - The net profit margin for H1 2025 improved by 0.91 percentage points to 19.05%, while the gross margin increased by 2.09 percentage points to 43.7% [6] Market and Product Strategy - The company is focusing on product innovation and has launched several new products, including "light dry," "sakura-flavored white beer," and "hazy IPA," to strengthen its market position across all categories and channels [5] - The revenue in Shandong province grew by 2.56% in H1 2025, contributing significantly to overall growth and profit improvement. The East China region saw a revenue increase of 9.94% with a notable improvement in net profit margin [5] Future Outlook - The company is expected to continue its steady growth in H2 2025, driven by ongoing cost benefits and a trend towards premiumization. The projected net profits for 2025, 2026, and 2027 are 4.91 billion, 5.43 billion, and 6.01 billion yuan, respectively, with corresponding price-to-earnings ratios of 19X, 17X, and 15X [7]

金融工程丨点评报告 丨证券研究报告丨 [Table_Title] 公募基金半年报持仓风格偏好 报告要点 [Table_Summary] 从风格因子的角度分析，2025Q2 公募基金半年报持仓更加偏好高成长高波动的股票，且对流 动性较低和杠杆较高的公司暴露较为谨慎。从持仓宽基指数成分股占比的角度来看，2025Q2 公募基金对小市值股票的偏好有所提升，但是大部分股票仓位仍在大市值股票中。 分析师及联系人 [Table_Author] 覃川桃 杨凯杰 SAC：S0490513030001 SAC：S0490525080004 SFC：BUT353 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 丨证券研究报告丨 cjzqdt11111 2025-09-09 金融工程丨点评报告 [Table_Title2] 公募基金半年报持仓风格偏好 [Table_Summary2] 事件描述 以普通股票型基金、偏股混合型基金、灵活配置型基金和增强指数型基金为基金池，统计这四 类基金产品的年报和半年报中全部持仓的风格偏好。以个股合计持仓市值为权重，对个股风格 因子暴露值加权求和得到公募 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant increase in revenue for the first half of 2025, achieving 8.59 billion yuan, a year-on-year growth of 62.8%. However, the net profit attributable to shareholders decreased by 51.5% to 210 million yuan [2][4]. - In Q2 2025, revenue reached 6.41 billion yuan, marking an 80.3% year-on-year increase, while net profit attributable to shareholders surged by 139.2% to 400 million yuan [2][4]. - The company has seen a rapid increase in wind turbine shipments, with 4.72 GW shipped in the first half of 2025, a 44% increase year-on-year, contributing approximately 6.4 billion yuan in revenue [9]. - The company has also accelerated its overseas orders, with new overseas orders exceeding 2 GW and total overseas order value surpassing 10 billion yuan [9]. Summary by Sections Financial Performance - The company achieved a gross margin of approximately 10.6% in the first half of 2025, which is a decline compared to the previous year. The gross margin for the wind turbine business was 4.65%, with overseas sales gross margin exceeding 20% [9]. - The company’s operating expenses ratio was about 11.1%, a decrease of 4.2 percentage points year-on-year, attributed to improved cost control and revenue growth [9]. Business Segments - Wind turbine business revenue was approximately 6.4 billion yuan, a 30% increase year-on-year, while wind power generation revenue fell by 36% to 80 million yuan [9]. - Wind power service revenue increased by 26% to 180 million yuan, and revenue from power station product sales was about 1.83 billion yuan, with new power stations connected totaling 0.46 GW [9]. Future Outlook - The company is expected to see a recovery in gross margins as wind turbine bidding prices stabilize. The third quarter is anticipated to witness improved performance due to the delivery of higher-priced wind turbine orders [9]. - The forecast for the company's net profit attributable to shareholders for 2025 is approximately 1.84 billion yuan, corresponding to a PE ratio of about 18.7 times [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's revenue for the first half of 2025 is 2.19 billion yuan, a year-on-year decrease of 3.1%, while the net profit attributable to the parent company is 50 million yuan, down 75.1% year-on-year [2][4]. - The company is experiencing operational fluctuations due to strategic adjustments, but historical high contract liabilities are expected to lay a foundation for future delivery performance [4][6]. - The company anticipates a recovery in the second half of 2025, driven by the ongoing construction of offshore wind projects and expansion into overseas markets [9]. Revenue Analysis - The revenue breakdown for the first half of 2025 shows: - Wind towers and related products: 810 million yuan, up 33.1% year-on-year - Blade products: 360 million yuan, down 53.8% year-on-year - Offshore engineering products: 210 million yuan, up 124.4% year-on-year - Wind power generation: 690 million yuan, up 4.7% year-on-year - Others: 120 million yuan, up 6.5% year-on-year [9]. Profitability Analysis - The gross margin for the first half of 2025 is approximately 20.9%, a decrease of 5.9 percentage points year-on-year, primarily due to underutilization of production capacity [9]. - The gross margins for specific segments are: - Wind towers and related products: 3.9%, down 4.3 percentage points - Blade products: -14.0%, down 24.2 percentage points - Offshore engineering products: -3.9%, down 14.0 percentage points - Wind power generation: 65.5%, down 1.1 percentage points - Others: 26.3%, up 4.2 percentage points [9]. Future Outlook - The company expects net profit attributable to the parent company to be around 400 million yuan for 2025, corresponding to a PE ratio of approximately 32 times [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 5.76 billion yuan for the first half of 2025, representing a year-on-year increase of 20.5%. However, the net profit attributable to the parent company was a loss of 93 million yuan, and the net profit after deducting non-recurring items was a loss of 95 million yuan [2][4]. - In Q2 2025, the company achieved a revenue of 3.03 billion yuan, which is a year-on-year increase of 23.6% and a quarter-on-quarter increase of 11.2%. The net profit attributable to the parent company was a loss of 119 million yuan, with a net profit after deducting non-recurring items also showing a loss of 124 million yuan [2][4]. - The company's membrane business revenue reached 5.09 billion yuan, accounting for 88.39% of total revenue, with a year-on-year growth of 23%. The gross margin for the membrane business was 13.5%, down 5.6 percentage points year-on-year due to price declines and narrowing single-unit gross margins [9]. - The company is actively expanding its solid-state battery business, with significant progress in projects related to sulfide solid electrolytes and lithium sulfide, which may enhance profitability in the future [9]. Summary by Sections Financial Performance - For the first half of 2025, the company reported total revenue of 5.76 billion yuan, a 20.5% increase year-on-year, while the net profit attributable to the parent company was a loss of 93 million yuan [2][4]. - In Q2 2025, the revenue was 3.03 billion yuan, reflecting a 23.6% year-on-year increase and an 11.2% quarter-on-quarter increase, with a net loss of 119 million yuan [2][4]. Business Segments - The membrane business generated 5.09 billion yuan in revenue, representing 88.39% of total revenue, with a year-on-year growth of 23%. The gross margin for this segment was 13.5%, down from the previous year due to competitive pricing pressures [9]. - The company’s overseas business is expanding, with direct export revenue of 1.15 billion yuan, accounting for approximately 20% of total revenue [9]. Future Outlook - The company is expected to maintain positive growth in shipments throughout the year, with current prices stabilizing and an improved shipment structure anticipated to enhance profitability [9]. - The solid-state battery business is a key focus, with ongoing projects that may lead to significant advancements in production capabilities and profitability [9].

Investment Rating - The investment rating for the company is "Accumulate" and maintained [9]. Core Views - The company reported total revenue of 4.773 billion yuan and a net profit attributable to shareholders of 87 million yuan for the first half of 2025, reflecting a year-on-year decline of 4% and 8% respectively. In Q2 2025, total revenue was 2.561 billion yuan, with a net profit of 39 million yuan, showing a year-on-year decrease of 9% and 15% respectively [2][6]. Summary by Sections Financial Performance - In H1 2025, the company's B2B business revenue was 4.756 billion yuan, down 4% year-on-year, accounting for 99.64% of total revenue. The gross margin was 9.04%, a decrease of 0.6 percentage points year-on-year, with a net profit of 85 million yuan, down 41% year-on-year [11]. - The company's Q2 performance was impacted by a slowdown in procurement from major clients, leading to a decline in revenue and profit margins [11]. - The SAAS business showed signs of recovery, with revenue of 17 million yuan in H1 2025, down 37% year-on-year, but achieving a gross margin of 24.58%, an increase of 15.3 percentage points year-on-year [11]. Business Segments - The B2B business is focusing on core clients, with over 60% of revenue coming from 100 central enterprises. The company is leveraging AI to enhance efficiency and reduce costs in its procurement services [11]. - The new brand stationery business is expected to contribute positively, with recent collaborations with quality IPs leading to new product launches [11]. Future Outlook - The company anticipates a gradual recovery in revenue and profitability, with projected net profits of 210 million yuan, 250 million yuan, and 310 million yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 24, 20, and 16 [11].

丨证券研究报告丨 [Table_Summary] 2025 年第 36 周，通信板块下跌 2.41%，在长江一级行业中排名第 26 位；2025 年年初以来， 通信板块上涨 58.26%，在长江一级行业中排名第 1 位。博通 25Q3 业绩高增，ASIC 业务贡献 显著，三大核心客户 ASIC 需求持续攀升，斩获第四大客户百亿美元订单；阿里上线兆级模型 Qwen3-Max 预览版，支持 26 万 token 上下文，性能超越多家闭源竞品。持续看好国内与海外 算力链。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信行业周观点：博通 ASIC 获新大单，阿里上 线兆级模型 报告要点 research.95579.com 1 通信设备Ⅲ cjzqdt11111 [Table_Title 通信行业周观点：博通 2] ASIC 获新大单，阿里上 线兆级模型 [Table_Summary2] 板块行情 2025 年第 36 周，通信板块下 ...

Investment Rating - The investment rating for Jiangnan Chemical (002226.SZ) is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 4.61 billion yuan for the first half of 2025, representing a year-on-year increase of 3.7%. The net profit attributable to shareholders was 430 million yuan, up 2.2% year-on-year [5][12]. - In Q2 alone, the company achieved a revenue of 2.6 billion yuan, which is a 5.4% increase year-on-year and a 29.2% increase quarter-on-quarter. The net profit for Q2 was 280 million yuan, reflecting a year-on-year increase of 2.8% and a significant quarter-on-quarter increase of 92.5% [5][12]. - The company has seen a substantial increase in new orders, with the annualized amount for new contracts in the blasting service segment reaching 6.24 billion yuan, indicating a significant improvement in order quality [12]. - The revenue from the civil explosive materials segment was stable at 1.33 billion yuan, although it saw a slight decline of 1.7% year-on-year [12]. - The company's revenue from the new energy business was 360 million yuan, down 7.7% year-on-year, attributed to increased market competition and changes in pricing mechanisms [12]. - The international market expansion is progressing steadily, with overseas revenue reaching 600 million yuan, a year-on-year increase of 20.2%, and the overseas revenue proportion rising from 11.2% in H1 2024 to 13.0% in H1 2025 [12]. - The company is positioned as a leading integrated service provider in the civil explosive sector under the China Ordnance Industry Group, with expectations for net profits of 1.0 billion, 1.59 billion, and 1.82 billion yuan for 2025 to 2027 [12]. Summary by Sections Financial Performance - For the first half of 2025, Jiangnan Chemical achieved a total revenue of 4.61 billion yuan, with a net profit of 430 million yuan, reflecting a year-on-year growth of 3.7% and 2.2% respectively [5][12]. - In Q2 2025, the company reported a revenue of 2.6 billion yuan, a 5.4% increase year-on-year and a 29.2% increase quarter-on-quarter [5][12]. Business Segments - The blasting service segment generated 2.55 billion yuan in revenue for the first half of 2025, marking a 7.3% year-on-year increase [12]. - The civil explosive materials segment's revenue was 1.33 billion yuan, showing a slight decline of 1.7% year-on-year [12]. - The new energy business reported a revenue of 360 million yuan, down 7.7% year-on-year, with a gross margin of 42.1% [12]. Market Expansion - The company is actively expanding its international market presence, with overseas revenue reaching 600 million yuan, a 20.2% increase year-on-year [12]. - The company plans to enhance its overseas project advantages with the anticipated injection of its subsidiary, Aoxin Chemical, which operates in 15 countries [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 24.24 billion yuan in the first half of 2025, representing a year-on-year increase of 19.5%. The net profit attributable to shareholders was 2.95 billion yuan, up 8.8% year-on-year [2][4]. - The company’s performance in Q2 2025 showed a revenue of 15.35 billion yuan, with a year-on-year growth of 22.5% and a net profit of 2.27 billion yuan, reflecting a 7.3% increase year-on-year [2][4]. - The company’s smart grid and low-carbon energy sectors continue to show strong growth, with overseas revenue increasing by 139.2% [9]. Revenue Summary - In the first half of 2025, the smart grid revenue was 12.225 billion yuan, up 28.4% year-on-year; low-carbon energy revenue was 6.541 billion yuan, up 29.5% year-on-year; and integrated and other revenues decreased by 58.6% [9]. - Domestic revenue reached 22.224 billion yuan, a 14.5% increase year-on-year, while overseas revenue was 1.987 billion yuan, marking a significant increase [9]. Profitability Summary - The gross margin for the first half of 2025 was 26.45%, down 2.48 percentage points year-on-year. The gross margin for Q2 2025 was 27.75%, down 3.82 percentage points year-on-year [9]. - The gross margin for the smart grid segment was 30.34%, down 2.93 percentage points year-on-year, while the low-carbon energy segment had a gross margin of 21.59%, down 1.68 percentage points [9]. Expense Summary - The total expense ratio for the first half of 2025 was 12.42%, down 1.45 percentage points year-on-year. The sales expense ratio was 4.12%, down 0.67 percentage points [9]. - The company benefited from a reduction in expense ratios due to increased sales revenue and ongoing cost-cutting measures [9]. Order Summary - The company signed new contracts worth 35.432 billion yuan in the first half of 2025, a year-on-year increase of 23.46%. The international contracts grew by over 200% [9]. - As of the end of Q2 2025, the contract liabilities reached 7.399 billion yuan, reflecting a year-on-year increase of 56.5% [9]. Future Outlook - The company is expected to achieve a net profit of approximately 8.5 billion yuan in 2025, corresponding to a price-to-earnings ratio of about 20.5 times [9].