Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Viewpoints - On September 5, Anthropic announced a sales restriction policy, halting AI service provision to groups with over 50% Chinese capital ownership, which may accelerate the domestic development of large models in China [2][4] - The ban from Anthropic is part of a broader trend where overseas large model providers restrict access to Chinese enterprises, potentially pushing these companies towards domestic alternatives [9] - The performance of domestic large models is improving, with examples like Alibaba's Qwen-3-Max-Preview achieving world-leading capabilities in key areas such as knowledge reasoning and programming [9] Summary by Sections Event Description - Anthropic's announcement on September 5 restricts AI services to companies controlled by Chinese entities, impacting both domestic and overseas subsidiaries [4] Event Commentary - The ban may lead to increased reliance on domestic large models as Chinese enterprises seek alternatives to Anthropic's technology, which has been widely used for secondary development [9] - The ongoing improvement in domestic large model performance positions them as viable alternatives to foreign models, with significant advancements noted in Alibaba's offerings [9] Investment Opportunities - The report suggests focusing on the domestic large model supply chain, companies with data advantages in specific verticals, and the domestic computing power supply chain as potential investment opportunities [9]

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 首届深空经济与产业发展大会召开，关注产业由 0 到 1 投资机遇 报告要点 [Table_Summary] 9 月 4 日，由深空探测实验室主办的首届深空经济与产业发展大会在安徽合肥召开，本届大会 以"聚焦深空经济，引领产业未来"为主题，首次提出深空经济概念，并系统梳理发布我国深 空经济十大产业方向。当前时点，我国正持续深化培养新质生产力，深空经济作为驱动航天产 业升级、培育创新动能、重塑空间格局的重要力量，有望成为未来重要新兴产业，关注产业由 0 到 1 而来的产业投资机遇。建议关注：建议关注产业链各环节的核心供应商，重点关注卫星 应用相关标的。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 首届深空经济与产业发展大会召开，关注产业 2] 由 0 到 1 投资机遇 ...

Investment Rating - The report maintains a "Buy" rating for the company [10]. Core Viewpoints - Baijiu Co., Ltd. is the leading player in China's pre-mixed beverage market, with stable growth expected in its pre-mixed beverage business as the market continues to expand. Additionally, as a leading domestic whisky brand, the company is well-prepared in terms of product matrix, channel design, and capacity reserves, which positions it to benefit from the increasing penetration of whisky in the Chinese market [3][8]. Summary by Sections Company Overview - Baijiu Co., Ltd. operates two main businesses: pre-mixed beverages and flavoring agents. In 2024, the pre-mixed beverage segment is projected to generate revenue of 2.68 billion yuan, a year-on-year decrease of 7.2%, accounting for 87.8% of total revenue. The flavoring agent business is expected to achieve revenue of 340 million yuan, a year-on-year increase of 6.3%, making up 11.0% of total revenue [5][19]. Pre-mixed Beverage Business - The company has established a comprehensive product matrix and a multi-channel distribution strategy, including both online direct sales and offline fast-moving consumer goods channels. The product offerings include various series of pre-mixed cocktails, catering to different consumer preferences and occasions. The "RIO" brand has maintained the highest market share in the industry for several years [6][64]. Whisky Business - The whisky segment is positioned for rapid growth, with the company having completed the 500,000th barrel filling, making it the largest whisky distillery in China. The company has launched several new whisky products and is focusing on brand promotion and consumer experience centers to enhance its market presence [7][20][82]. Financial Forecast - The company is expected to see earnings per share (EPS) of 0.70 yuan in 2025 and 0.86 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 37 and 30 times, respectively. The report anticipates stable growth in the pre-mixed beverage market and significant contributions from the whisky segment as market penetration increases [8].

Investment Rating - The report maintains a "Buy" rating for Xiamen Xiangyu [5] Core Views - In the first half of 2025, Xiamen Xiangyu achieved a revenue of 203.95 billion, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 1.03 billion, a year-on-year increase of 32.5% [3][9] - The company has seen a clear performance inflection point, focusing on the "Three New and One High" strategy, which aims to enhance operational capabilities and asset value through industrial investment [9] - The company successfully introduced strategic investors and implemented stock repurchase and incentive plans, reflecting confidence in future development [9] Summary by Sections Revenue and Profit Growth - In Q2 2025, the company reported a revenue of 106.81 billion, a year-on-year increase of 8.0%, and a net profit of 520 million, a year-on-year increase of 40.8% [3][9] - The bulk commodity trading segment maintained rapid growth in operating volume, achieving over 120 million tons, a year-on-year increase of 19.0% [9] Bulk Commodity Logistics - The bulk commodity logistics segment saw a revenue increase of 17.4% and a gross profit increase of 20.5% in the first half of 2025 [9] - The company strengthened external customer acquisition and cost reduction, leading to impressive revenue and profit growth [9] Shipbuilding Orders and Capacity Expansion - The shipbuilding segment experienced a revenue decline of 6.7% in the first half of 2025 due to some orders being transferred to the new shipyard in Qidong [9] - The company signed 15 new shipbuilding orders in the first half of 2025, with a backlog of 91 orders, indicating potential for improved profitability as the new facility becomes operational [9] Financial Optimization - Financial expenses decreased significantly by 41.8% year-on-year, contributing to a 15.4% reduction in period expenses [9] - The net profit margin improved by 0.1 percentage points to 0.5% in the first half of 2025 [9] Future Outlook - The company projects net profits attributable to shareholders of 1.9 billion, 2.26 billion, and 2.61 billion for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 10.8, 9.0, and 7.8 [9]

丨证券研究报告丨 行业研究丨点评报告丨媒体Ⅱ [Table_Title] 游戏产业跟踪（14）：暑期档以来游戏行业保持 高热度，看好行业景气度延续 报告要点 [Table_Summary] 上市游戏公司新游产品周期前期已陆续开启，暑期以来巨人网络《超自然行动组》、吉比特《杖 剑传说》等多款新游表现持续强势，9 月以来流水亦保持稳健，长线能力突出。展望后续，新 游强长线表现及丰富产品储备或带动游戏板块基本面持续向好。8 月国产游戏版号发放数再创 纪录亦反映政策环境及未来产品丰富供给的持续性。新游周期、政策趋势及 AI 催化共同作用 下，游戏板块景气度及估值仍具有向上空间，建议继续关注游戏板块相关投资机会。 分析师及联系人 [Table_Author] 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 游戏产业跟踪（2] 14）：暑期档以来游戏行业保持 高热度，看好行业景气度延续 [Table_Summary2] 事件描述 暑期以来 ...

公司研究丨点评报告丨金禾实业（002597.SZ） 丨证券研究报告丨 [Table_Title] Q2 短期业绩承压，三氯蔗糖价格坚挺 报告要点 [Table_Summary] 公司发布 2025 年半年报，实现收入 24.4 亿元（同比-3.7%），实现归属净利润 3.3 亿元（同比 +35.3%），实现归属扣非净利润 3.4 亿元（同比+35.5%）。其中 Q2 单季度实现收入 11.4 亿元 （同比-13.8%，环比-12.2%），归属净利润 0.9 亿元（同比-21.7%，环比-61.9%），实现归属扣 非净利润 1.1 亿元（同比-13.9%，环比-51.2%）。 分析师及联系人 [Table_Author] SAC：S0490516100002 SAC：S0490525040004 SFC：BUT911 1 金禾实业（002597.SZ） cjzqdt11111 [Table_Title2] Q2 短期业绩承压，三氯蔗糖价格坚挺 [Table_Summary2] 事件描述 请阅读最后评级说明和重要声明 马太 王呈 %% %% %% %% research.95579.com 公司发布 2025 年 ...

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - The company reported a slight increase in revenue for the first half of 2025, achieving 4.12 billion yuan, a year-on-year increase of 0.2%, but net profit decreased significantly by 37.6% to 670 million yuan [6][12]. - The second quarter of 2025 saw a revenue of 2.06 billion yuan, up 3.4% year-on-year, but net profit fell by 45.8% to 310 million yuan [6][12]. - The Moroccan project is expected to ramp up production in the second half of 2025, with the first phase already operational since September 30, 2024, aiming for an annual output of 12 million high-performance passenger car tires [12][12]. - The company is expanding its international production capacity, with significant developments in its Thailand factory and the Moroccan project, which are crucial for enhancing brand strength and optimizing sales layout [12][12]. - The report forecasts net profits for 2025, 2026, and 2027 to be 1.67 billion yuan, 2.24 billion yuan, and 2.66 billion yuan, respectively [12][12]. Financial Performance Summary - In the first half of 2025, the company produced 15.57 million tires, a decrease of 3.2% year-on-year, with a notable drop in semi-steel tire production [12]. - The overall gross margin for the first half of 2025 was 24.6%, down 8.6 percentage points year-on-year, attributed to rising raw material prices and increased overseas trade tariffs [12][12]. - The company’s sales volume in Q2 2025 increased by 1.6% year-on-year, with semi-steel tire sales rising by 0.6% and full-steel tire sales increasing by 34.0% [12][12].

丨证券研究报告丨 联合研究丨公司点评丨麦格米特（002851.SZ） [Table_Title] 麦格米特 25H1 点评：AIDC 供电体系持续变革， 平台化布局未来可期 报告要点 [Table_Summary] 麦格米特目前为大陆地区唯一与英伟达进行电源合作的企业，我们认为伴随英伟达对 AIDC 行 业的推动，AI 电源有望成为公司新成长点。预计 2025-2026 年公司实现归母净利润 5.3、12.1 亿元，对应 PE 分别为 79、34 倍。维持"买入"评级。 分析师及联系人 [Table_Author] 赵智勇 邬博华 曹小敏 司鸿历 屈奇 SAC：S0490517110001 SAC：S0490514040001 SAC：S0490521050001 SAC：S0490520080002 SAC：S0490524070003 SFC：BRP550 SFC：BQK482 SFC：BVD284 请阅读最后评级说明和重要声明 %% %% %% %% 风险提示 research.95579.com 1 麦格米特（002851.SZ） cjzqdt11111 [Table_Title 麦格米特 25H1 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company achieved revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 4.044 billion, 190 million, and 224 million yuan respectively in H1 2025, representing year-on-year growth of 9%, 11%, and 40% [2][12]. - In Q2 2025, the corresponding figures were 1.953 billion, 80 million, and 104 million yuan, with year-on-year growth of 4%, 12%, and 63% [2][12]. - The company is recognized as a pioneer in cross-border home furnishing exports, with continuous improvement in competitiveness [2][22]. Revenue Summary - Revenue growth in H1 2025 was driven by new models, platforms, and regions, with a 9% year-on-year increase [13]. - By region, revenue growth was as follows: Europe +13%, USA +2%, Japan -3%, and emerging markets +86% [13]. - The B2B model saw a 36% increase in revenue, while the B2C model experienced a 5% increase [13]. - The company is actively leveraging platforms like TEMU and SHEIN to enhance revenue from other channels, which increased its share by 6 percentage points to 18% [13]. Profitability Summary - The company optimized its entire process and made structural changes, resulting in a slight increase in gross margin by 0.01 percentage points year-on-year [14]. - The net profit margin attributable to the parent company increased by 0.1 percentage points year-on-year [14]. - In Q2 2025, the gross margin improved by 0.6 percentage points, and the net profit margin attributable to the parent company increased by 0.3 percentage points [14]. Incentive Plan Summary - The company introduced a new stock incentive plan on September 5, 2024, expanding the incentive system and enhancing operational confidence [15]. - The plan covers 171 individuals with a total of 3.5474 million shares, representing 0.88% of the total share capital [15]. - The performance targets for 2025 focus on revenue, with projected values of 9.491 billion, 11.863 billion, and 13.643 billion yuan for 2025, 2026, and 2027 respectively [20]. Future Outlook - The company is expected to achieve net profits attributable to the parent of 370 million, 490 million, and 630 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 22, 17, and 13 times [22].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - In the first half of 2025, the company's revenue reached 1.15 billion yuan, representing a year-on-year growth of 8.2%. The EBITDA saw a remarkable increase of 50.9%, reaching 590 million yuan, while the net profit attributable to the parent company was 88 million yuan, up 16.1% year-on-year [7][12] - The company is experiencing a significant increase in gross margin due to the rise in the on-shelf rate of its projects. The delivery process is progressing normally, with a total operational scale of 250MW achieved by the end of the first half of 2025 [2][12] - The company is actively advancing the construction of core regional reserve projects, with 2025 expected to be a year of significant deliveries. The company is capitalizing on the current AI demand surge, focusing on "ensuring delivery and promoting on-shelf" [2][12] Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of 1.15 billion yuan, with a year-on-year increase of 8.2%. The EBITDA was 590 million yuan, marking a 50.9% increase, and the net profit attributable to the parent company was 88 million yuan, up 16.1% year-on-year [7][12] - In Q2 2025, the company reported a revenue of 610 million yuan, a year-on-year decline of 10.0% but a quarter-on-quarter increase of 14.2%. The net profit for Q2 was 36 million yuan, showing a year-on-year growth of 43.4% [12] Operational Highlights - The company's IDC service revenue reached 895 million yuan in the first half of 2025, a year-on-year increase of 42.2%, with a gross margin of 33.5%, up 7.1 percentage points year-on-year [12] - The company completed the delivery of several data center projects, including the fifth building of the Langfang Gu'an data center and parts of the Tianjin Wuqing data center projects [12] Future Outlook - The company is expanding its operational scale and is actively promoting the construction of reserve projects in key regions. The Hebei Huailai data center project is progressing, with plans for a large-scale data center with 15,000 cabinets [12] - The company has also acquired additional reserve projects, adding approximately 60MW to its capacity [12] - The forecast for net profit attributable to the parent company for 2025-2027 is 223 million yuan, 365 million yuan, and 544 million yuan, with corresponding year-on-year growth rates of 79.3%, 64.1%, and 49.0% [12]