丨证券研究报告丨 行业研究丨点评报告丨多元金融 [Table_Title] 公募代销新规点评：全面优化渠道收费，显著降 低投资者成本 报告要点 [Table_Summary] 公募代销新规对公募基金销售各环节费用进行合理调降、优化，不仅显著降低投资者投资成本， 还进一步压缩了流量费收入空间，引导销售机构由赚取"流量"向赚取"保有"转变，从源头 上解决赎旧买新等行业顽疾。此外新规有效完善了公募代销全链条监管，统筹解决沉淀资金孳 息归属、基金投顾重复收费等行业长期存在的问题，有望推动基金代销机构迈向高质量发展。 分析师及联系人 [Table_Author] [Table_Title 公募代销新规点评：全面优化渠道收费，显著降 2] 低投资者成本 [Table_Summary2] 事件描述 9 月 5 日，证监会对《开放式证券投资基金销售费用管理规定》进行了修订，并更名为《公开 募集证券投资基金销售费用管理规定》，现向社会公开征求意见。主要内容包括合理调降公募 基金认购费、申购费、销售服务费率水平，降低投资者成本等。 吴一凡 戴永飞 SAC：S0490519080007 SAC：S0490524070001 SFC ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - In Q2 2025, the company's operating revenue reached 2.25 billion, representing a year-on-year growth of 23%, while the net profit attributable to the parent company was 52 million, showing a year-on-year decline of 1.4% [2][4]. - The company has actively implemented an inventory clearance plan to optimize inventory structure and improve turnover efficiency, resulting in a significant reduction in inventory pressure [9]. - The company’s subsidiary, Tongtuo Technology, achieved a revenue of 860 million in H1 2025, turning a profit with a net profit of 2.82 million, indicating improved operational conditions and profitability [9]. Summary by Sections Financial Performance - In H1 2025, the company’s revenue from Yibai Network was 3.676 billion, up 4.43% year-on-year, but the net profit dropped by 65% due to inventory optimization efforts [9]. - The inventory level was optimized to 1.27 billion, a decrease of 30% compared to the end of 2024 and a 15% decrease from Q1 2025, alleviating inventory pressure [9]. - The gross profit margin in Q2 2025 decreased by 1.4 percentage points year-on-year, while the sales expense ratio increased by 3.9 percentage points [9]. Future Outlook - The company is expected to benefit from inventory structure optimization and proactive new product replenishment, leading to improved operational efficiency [9]. - The anticipated net profits for the company are projected to be 280 million, 380 million, and 490 million for the years 2025, 2026, and 2027 respectively [9].

报告要点 [Table_Summary] 公司发布 2025 年半年报，2025H1 实现营收 8.59 亿元，同比增长 42.43%；归母净利润 3.92 亿元，同比增长 26.65%。单二季度，公司实现营收 4.92 亿元，同比增长 30.44%；归母净利 润 2.24 亿元，同比增长 7.4%。 分析师及联系人 [Table_Author] 丨证券研究报告丨 公司研究丨点评报告丨锦波生物（832982.BJ） [Table_Title] 锦波生物 2025 年中报点评：收入韧性凸显，凝 胶贡献第二增长曲线 SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 曾维朵 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 锦波生物（832982.BJ） cjzqdt11111 [Table_Title 锦波生物 2025 2] 年中报点评：收入韧性凸显，凝 胶贡献第二增长曲线 [Table_Summary2] 事件描述 公司发布 2025 年半年报，2025H1 实现营收 8.59 亿元，同比增长 42.43 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6] Core Viewpoints - The company reported a total revenue of 886 million yuan for H1 2025, a decrease of 0.72% year-on-year. The net profit attributable to shareholders was 35.79 million yuan, down 39.67%, while the net profit excluding non-recurring items was 34.09 million yuan, down 41.94% [2][4] - In Q2 2025, the total revenue was 415 million yuan, a decline of 3.12%, with a net profit of 14.34 million yuan, down 42.05%, and a net profit excluding non-recurring items of 13.12 million yuan, down 47.63% [2][4] - The competitive environment is challenging, leading to a decrease in profitability, with the net profit margin dropping by 2.61 percentage points to 4.04% in H1 2025 and by 2.32 percentage points to 3.45% in Q2 2025 [9] Summary by Sections Financial Performance - H1 2025 total revenue was 886 million yuan, with a breakdown showing direct sales at 434 million yuan (up 5.31%) and distribution sales at 445 million yuan (down 6.40%) [9] - The main product categories saw revenue changes: staple foods at 413 million yuan (down 9.10%), snacks at 197 million yuan (down 6.57%), baked goods at 205 million yuan (up 11.02%), and frozen prepared dishes at 65 million yuan (up 67.31%) [9] - Online sales increased by 44.87%, reaching 45 million yuan, accounting for 5.08% of total revenue [9] Strategic Response - The company is implementing a multi-faceted strategy to address challenges, including collaboration with distributors, focusing on successful products, enhancing online and offline channels, and optimizing channel structures [9] - The company aims to strengthen its presence in the B-end market while supporting distributors in expanding into new retail areas [9] Profit Forecast and Investment Suggestion - The forecast for net profit attributable to shareholders for 2025-2027 is 68 million, 75 million, and 86 million yuan respectively, with corresponding EPS of 0.70, 0.77, and 0.88 yuan [9] - The current price-to-earnings ratio is projected at 46, 42, and 37 times for the respective years [9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - In the first half of 2025, the company achieved a core operating profit growth against a backdrop of weak industry demand, demonstrating strong operational resilience [2][7] - With the stabilization of raw milk prices and potential improvement in industry supply-demand dynamics, price competition may ease, allowing leading dairy companies to further restore profitability [2][7] - The company is continuously advancing product innovation, channel refinement, and digital transformation, which will inject momentum for long-term stable development [2][7] Financial Performance Summary - In H1 2025, the company reported revenue of 41.567 billion yuan, a year-on-year decrease of 6.9%, and a net profit attributable to shareholders of 2.046 billion yuan, down 16.4% year-on-year [4] - The decline in performance was primarily due to increased losses from joint ventures, with the company's share of losses from joint ventures reaching 585 million yuan, mainly from Modern Dairy [4][6] - Excluding this impact, the company's core business profitability remained robust, with operating profit recorded at 3.538 billion yuan, an increase of 13.4% year-on-year, and an operating profit margin improvement of 1.5 percentage points to 8.5% [4][6] Product Segment Performance - The liquid milk segment faced significant pressure, with revenue of 32.192 billion yuan in H1 2025, down 11.2% year-on-year, while fresh milk performed well with double-digit growth [5] - Ice cream revenue reached 3.879 billion yuan, up 15.0% year-on-year, driven by product innovation and channel expansion, with the Aisnow brand maintaining the top market share in Indonesia [5] - Cheese revenue was 2.374 billion yuan, up 12.3% year-on-year, with the Miaokelan brand holding over 38% market share [5] - Milk powder revenue was 1.676 billion yuan, up 2.5% year-on-year, with the Bella Mi brand focusing on high-end products and expanding into Southeast Asian markets [5] Cost Management and Profitability - The company's gross profit margin improved by 1.4 percentage points to 41.7% in H1 2025, mainly due to declining raw milk prices and effective cost control measures [6] - The selling expense ratio decreased by 0.5 percentage points to 27.9%, contributing to the improvement in operating profit margin [6] - The decline in net profit was primarily due to non-operating factors, including the significant losses from joint ventures and the absence of one-time gains from the sale of subsidiaries in the previous year [6]

丨证券研究报告丨 行业研究丨行业周报丨建筑与工程 [Table_Title] 建筑行业进攻方向，优选洁净室 报告要点 全年来看，洁净室板块基本面延续上行，国内芯片、面板、医药三大下游同步扩张，资本开支增量 清晰；台积电加大美国本土资本开支力度，关注后续厂房洁净室招标机会。 分析师及联系人 [Table_Author] 张弛 张智杰 袁志芃 龚子逸 SAC：S0490520080022 SAC：S0490522060005 请阅读最后评级说明和重要声明 SFC：BUT917 %% %% %% %% research.95579.com 1 建筑与工程 cjzqdt11111 [Table_Title2] 建筑行业进攻方向，优选洁净室 [Table_Summary2] 国内芯片、面板、医药三大下游同步扩张，资本开支增量明显 全年来看，洁净室板块基本面延续上行，国内芯片、面板、医药三大下游同步扩张，资本开支 增量清晰。1）芯片：2025 年化债政策落地，资金端约束缓解，新增投资边际提升，洁净室订 单密集释放，公开信息显示北电集成 330 亿元 12 英寸线、中芯京城二期、士兰集宏 120 亿元 8 英寸 SiC 项 ...

丨证券研究报告丨 [Table_Summary] 当下，科创 50 指数的部分权重股也面临权重超过上限需要再平衡的问题，短期或会有一定资 金扰动。此外，除科创 50 指数外，其余科创系指数中第一大权重股超 10%上限的指数还有科 创芯片、科创 AI、科创信息等，以截止到 2025-09-05 日的 ETF 规模测算，对于权重个股资金 影响约 135.95 亿元。不过，指数调仓的资金流入流出只会带来短期阶段性影响，对个股中长期 配置价值参考性或较为有限。 分析师及联系人 [Table_Author] 陈洁敏 SAC：S0490518120005 SFC：BUT348 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 战略数据研究丨专题报告 [Table_Title] 科创系列指数即将调整，权重股资金面有何影响 报告要点 1 [Table_Title 科创系列指数即将调整 2] ，权重股资金面有何影 响 [Table_Summary2] 科创系列指数调入调出成分变化一览 按照科创系列指数编制规则，多数是季频调整成分，成分调整日在 3、6、9、12 月的第二个星 期五的下一 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 990 million yuan for the first half of 2025, representing a year-on-year increase of 8.3%. The net profit attributable to the parent company was 170 million yuan, up 1.5% year-on-year, while the net profit excluding non-recurring items was also 170 million yuan, reflecting a 5.3% increase year-on-year. In Q2 2025, the revenue reached 560 million yuan, showing a significant year-on-year growth of 20.7%, although the net profit attributable to the parent company decreased by 0.8% to 90 million yuan [3][8]. Summary by Sections Financial Performance - For H1 2025, the company's gross profit margin was 29.33%, a decrease of 0.92 percentage points year-on-year. In Q2 2025, the gross profit margin was 28.85%, down 1.40 percentage points year-on-year and 1.12 percentage points quarter-on-quarter [8]. - The company's total fixed assets reached 540 million yuan by the end of Q2 2025, an increase of 50 million yuan from Q1 2025 and 170 million yuan from Q2 2024 [8]. - The company reported a negative operating cash flow of 35 million yuan for H1 2025, with Q2 2025 showing a positive cash flow of 82 million yuan, although this was a 45.2% decrease year-on-year [8]. Operational Insights - The company is experiencing continuous capacity expansion, with an increasing penetration rate of amorphous transformers in the distribution sector. It has also achieved mass production of 300mm wide amorphous strip materials, which supports applications in high-power distribution transformers and electric vehicle drive motors [8]. - The company expects a net profit attributable to the parent company of 420 million yuan for 2025, corresponding to a price-to-earnings ratio of approximately 31 times [8].

丨证券研究报告丨 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 公募费改三阶段落地，建议关注非银板块优 质龙头 报告要点 [Table_Summary] 券商方面，本周证监会就《公开募集证券投资基金销售费用管理规定（征求意见稿）》公开征求意见，公 募费改三阶段迎来新的进展，鼓励基金销售机构大力发展权益类基金，进一步降低投资者成本；保险方面， 本周金监局修订发布《保险公司资本保证金管理办法》，对保险公司资本保证金的存放、管理、处置等环 节提出了更为严格和细致的要求，保护投保人利益，维护保险市场平稳健康发展。综合业绩弹性及估值分 位，推荐新华保险、中国人寿、香港交易所、中信证券、东方财富、同花顺、九方智投控股。 分析师及联系人 [Table_Author] SFC：BUV596 吴一凡 谢宇尘 程泽宇 SAC：S0490519080007 SAC：S0490521020001 SAC：S0490524090001 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 [Table_Title 公募费改三阶段 ...

Investment Rating - The report maintains a "Positive" investment rating for the media internet industry [10] Core Insights - The media internet industry continues its recovery trend, with revenue growth of 4.17% year-on-year in the first half of 2025, reaching 265.8 billion yuan [5][20] - The performance of different segments within the industry is accelerating in divergence, with significant improvements in profitability observed [5][20] - The gaming sector is experiencing a sustained recovery driven by new game releases and advancements in AI technology [6][38] - The internet sector shows steady growth in overall traffic, but performance varies significantly among companies [53] - The advertising market is showing signs of weak recovery, with certain segments like elevator advertising demonstrating resilience [7] - The film industry is under pressure, with box office performance declining significantly in the second quarter of 2025 [7] - The publishing sector maintains stable profitability despite a decline in the overall retail book market [8] Summary by Sections Overall Industry - The media internet industry achieved a revenue of 265.8 billion yuan in the first half of 2025, marking a 4.17% increase year-on-year [5][20] - The net profit attributable to shareholders reached 25.2 billion yuan, up 20.3% year-on-year [5][22] Gaming Sector - The gaming sector's revenue in Q2 2025 was 24.4 billion yuan, reflecting a year-on-year increase of 27.1% [6][38] - The net profit for the gaming sector in Q2 2025 was 3.8 billion yuan, showing a remarkable growth of 108.8% year-on-year [6][38] - The sector has seen nine consecutive quarters of year-on-year revenue growth since Q2 2023 [38] Internet Sector - The internet sector's revenue in Q2 2025 was 8.9 billion yuan, down 2.9% year-on-year, with a net profit of 0.83 billion yuan, a decline of 20.1% [53] - The overall mobile internet user base reached 1.267 billion by June 2025, with average monthly usage time exceeding 171 hours [47][50] Marketing Sector - The advertising market saw a slight increase of 0.6% year-on-year in overall spending, with elevator LCD and poster advertising growing by 11.0% and 9.2%, respectively [7] - The marketing sector's revenue in Q2 2025 was 49 billion yuan, up 9.0% year-on-year [7] Film Industry - The film box office in Q2 2025 was 4.82 billion yuan, a decrease of 34.7% year-on-year, leading to overall pressure on the film industry [7] Publishing Sector - The publishing sector's revenue in Q2 2025 was 34.33 billion yuan, down 11.9% year-on-year, while net profit was 5.03 billion yuan, up 7.1% [8]