Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1][7][3] Core Views - The profitability of the downstream breeding sector is gradually improving, leading to a continuous recovery in the company's performance for the first half of 2025. The company achieved a revenue of 487 million yuan, representing a year-on-year increase of 22%, and a net profit attributable to shareholders of 220 million yuan, up 44% year-on-year [7] - The improvement in demand and the rich product matrix have contributed to a sequential improvement in gross margin, which increased by 2.83 percentage points to 68.7% in Q2 2025. The company has also received four new veterinary drug registration certificates, including new vaccines for pigs, which are expected to contribute to profit growth [7] - The anti-involution policy may boost pig prices, which could enhance the demand for animal health products and improve the overall breeding sector's profitability, positively impacting the company's performance [7] Financial Data and Valuation - The company’s total revenue is projected to be 1,064 million yuan in 2023, with a year-on-year growth of 6%. However, a decline of 11% is expected in 2024, followed by a recovery with growth rates of 24%, 14%, and 11% in 2025, 2026, and 2027 respectively [2][13] - The net profit attributable to shareholders is forecasted to be 396 million yuan in 2023, with a slight decline of 3% in 2024, and then a recovery with growth rates of 16%, 14%, and 16% in the following years [2][13] - The company’s price-to-earnings (PE) ratio is expected to decrease from 21.6 in 2023 to 14.5 by 2027, indicating an improving valuation over time [2][14] Stock Performance - The company's stock has shown an absolute performance increase of 55% over the past 12 months, outperforming the benchmark index [5]

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported strong performance in the first half of 2025, with revenue, net profit attributable to the parent, and net profit excluding non-recurring items reaching approximately 4.047 billion yuan, 211 million yuan, and 198 million yuan, respectively, representing year-on-year growth of 29%, 60.45%, and 64.9% [1] - The company's lithium battery structural components are showing significant revenue growth and improved profitability, with Q2 2025 estimated revenue of 1.4 billion yuan, a year-on-year increase of about 49% [7] - The company is making rapid advancements in humanoid robot products, establishing close connections with major clients and preparing for mass production [7] - The company's niche businesses in molds and iron cores are maintaining industry leadership, contributing over 60 million yuan in profits [7] - The company is expected to achieve a net profit attributable to the parent of 500 million yuan in 2025, maintaining the "Accumulate" investment rating [7] Financial Data and Valuation - Total revenue is projected to grow from 6.019 billion yuan in 2023 to 13.677 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19% [8][14] - The company's net profit is expected to increase significantly from 43 million yuan in 2023 to 1.179 billion yuan in 2027, reflecting a strong recovery in profitability [14] - The price-to-earnings (PE) ratio is projected to decrease from 572.7 in 2023 to 20.8 in 2027, indicating improved valuation as earnings grow [14] - The return on equity (ROE) is expected to rise from 1.7% in 2023 to 21.0% in 2027, showcasing enhanced profitability [14] Business Segments - Molds revenue is expected to grow from 313.44 million yuan in 2023 to 643.9 million yuan in 2027, with a stable gross margin above 48% [8] - Revenue from lithium battery structural components is projected to increase from 3.266 billion yuan in 2023 to 8.929 billion yuan in 2027, with gross margins improving from 8.6% to 18.0% [8] - The iron core business is expected to see revenue growth from 1.711 billion yuan in 2023 to 2.448 billion yuan in 2027, with gross margins around 25% [8]

证券研究报告 | 公司点评报告 2025 年 09 月 01 日 浙商银行（601916.SH） 控规模，提质效 总量研究/银行 浙商银行披露 2025 年半年报。25H1 营业收入、PPOP、归母利润同比增速分 别为-5.76%、-6.78%、-4.15%，增速分别较 25Q1 变动+1.32pct、-1.46pct、 -4.76pct。累计业绩驱动上，规模、拨备计提形成正贡献，息差收窄、中收、 其他非息、有效税率上升形成负贡献。 核心观点： （1）规模增速下降。25 年上半年浙商银行贷款同比增长 4.20%，增速进一步 下降。公司不盲目追求规模的快速增长，而是要主动实现规模、质量、效益相 统一的稳健发展。对公端是信贷增长的主要驱动，上半年同比增长 8.4%。零售 贷款同比减少 7.05%，预计是压降了风险较高的经营性贷款。息差方面， 25H1 公司披露净息差 1.69%，环比下降 7bp。根据我们测算，25Q2 单季度息差环比 收窄 11bp，主要是资产端价格下降较多所致，这也是公司主动调整信贷结构、 降低风险偏好的表现。详细数据见表 8-13。 （2）不良额率双降，资产质量前瞻指标有所上升。25Q2 末 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3] Core Views - The company's performance in H1 2025 met expectations, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 7.08 billion, 1.055 billion, and 990 million respectively, representing year-on-year growth of 11.95%, 23%, and 29% [1] - The negative electrode business is expected to ramp up production, with H1 2025 shipments of 70,000 tons, a slight increase year-on-year, and Q2 2025 shipments of approximately 40,000 tons, showing significant quarter-on-quarter growth [7] - The coating diaphragm business continues to grow rapidly, with H1 2025 shipments of approximately 4.8 billion square meters, a year-on-year increase of about 64% [7] - The company is projected to achieve a net profit attributable to shareholders of 2.47 billion in 2025, supported by stable growth in core businesses and the introduction of new products [7] Financial Data and Valuation - The company is expected to generate total revenue of 15.65 billion in 2025, with a year-on-year growth of 16% [8] - The projected net profit attributable to shareholders for 2025 is 2.47 billion, with a significant recovery expected in profitability [14] - The company's PE ratio is forecasted to be 19.4 in 2025, indicating a favorable valuation compared to historical levels [15]

Group 1: U.S. Trade and Tariff Developments - The U.S. Court of Appeals ruled that Trump's tariffs on multiple countries are illegal, with the ruling effective until October 14, allowing time for an appeal to the Supreme Court[8] - India has implemented an additional 25% tariff on exports to the U.S., raising the total tariff on Indian exports to the U.S. to 50%[8] - The U.S. has ended the $800 de minimis exemption for packages from all countries, impacting small-value imports[8] Group 2: Federal Reserve Independence Concerns - Trump announced the dismissal of Federal Reserve Board member Lisa Cook, raising concerns about the independence of the Fed and increasing market volatility[15] - Following the announcement, COMEX gold prices rose nearly 3% due to heightened risk aversion and expectations of interest rate cuts by the Fed[15] - The legal battle over Cook's dismissal may reach the Supreme Court, which has previously indicated that the President cannot arbitrarily remove Fed members[15] Group 3: Geopolitical Tensions and Future Outlook - The upcoming SCO summit on August 31 - September 1 will feature high-level discussions among leaders from China, Russia, and India[16] - Ongoing geopolitical conflicts, particularly between Russia and Ukraine, are expected to continue with a "negotiation while fighting" approach[21] - The U.S. is likely to intensify its 232 investigations into key industries such as pharmaceuticals, semiconductors, and critical minerals, as part of its tariff strategy[12]

证券研究报告 | 公司点评报告 2025 年 08 月 31 日 农业银行（601288.SH） 如何理解农行规模和业绩？ 农业银行披露 2025 年半年报。25H1 营业收入、PPOP、归母利润同比增速分 别为 0.85%、0%、2.66%，分别较 25Q1 提高 0.49pct、0.26pct、0.47pct， 归母利润增速依旧保持领先。累计业绩驱动上，规模、中收、其他非息、拨备 计提、有效税率下降形成正贡献，息差收窄、成本收入比形成负贡献。 核心观点： （1）总规模增速反弹，信贷和投资增速平稳。农行二季度生息资产增速环比提 升 5.34pct 至 11.60%，主要是存放央行和买入返售等短久期流动性资产贡献。 与之对应，上半年贷款同比增速为 9.63%，增速保持平稳。金融投资同比增速 12.35%，延续放缓趋势，基本与上半年政府债余额增速同步，仍符合我们前期 年报点评《单季业绩高增长，规模降速固成果》中的理解和判断。" 农行本轮 规模扩张节奏领先本轮利率下行，而且资产扩张中金融投资（主要是债券）增 速更高，这意味着农行实现了跨年度的早投资早收益。但资产端扩张需要负债 端匹配，理论上超存款增速的资产规模扩 ...

证券研究报告 | 金融工程 2025 年 08 月 29 日 成长驱动+龙头集中，创业板综指彰显投资潜力 ——银华创业板综合 ETF 投资价值分析 作为全面反映创业板整体表现的核心宽基指数，创业板综指在我国新经济领域 具有较强代表性。指数成分股覆盖新能源、医药、电子、通信等战略性新兴产 业，兼具成长性与产业龙头集中度。在全球产业升级和国内创新驱动背景下， 创业板综指展现出优于主流宽基指数的收益弹性。 任瞳 S1090519080004 rentong@cmschina.com.cn ❑ 风险提示：本报告仅作为投资参考，基金产品过往业绩并不预示其未来表 现，亦不构成投资收益的保证或投资建议，新发基金无历史业绩可参考。 敬请阅读末页的重要说明 专题报告 ❑ 成长驱动，产业空间广阔：创业板综指汇聚了新能源、锂电池、光伏、半 导体、医疗器械等新兴产业龙头企业，具备长期成长动能。受益于能源转 型、人口老龄化及数字化经济等趋势，相关产业在国内外市场空间仍在快 速扩张。 ❑ 权重集中度适中，龙头效应显著 ：指数前十大权重股合计占比约 24.55%，其中宁德时代、东方财富、迈瑞医疗等行业龙头具备全球竞争 力，体现出创业板在关 ...

Investment Rating - The report maintains a strong recommendation for the company, suggesting active attention due to its solid fundamentals and strong growth potential [4]. Core Views - The company has shown significant growth in total assets, with a year-on-year increase of 16.02% as of Q2 2025, driven by a 20.62% increase in corporate loans and an 18.07% increase in investment assets [2]. - The net interest margin has improved to 1.53%, which is a 2 basis points increase compared to the previous year, indicating a positive trend despite a challenging interest rate environment [2]. - The non-performing loan ratio has decreased to 1.09%, with a provision coverage ratio rising to 343.24%, reflecting improved asset quality [2]. - The company has experienced a 13.64% year-on-year increase in net fee and commission income, outperforming peers in this area [2]. Summary by Sections 1. Performance - In H1 2025, the company reported revenue growth of 5.76%, pre-provision operating profit (PPOP) growth of 6.00%, and net profit growth of 16.48% [1][4]. - The growth in net profit is supported by a decrease in provision expenses and an effective tax rate [1]. 2. Non-Interest Income - The company faced a decline in other non-interest income, with a year-on-year decrease of 24.25% in H1 2025, despite strong growth in net fees and commissions [3][30]. 3. Interest Margin and Asset-Liability Management - The net interest margin has shown resilience, increasing to 1.53% in H1 2025, while the cost of interest-bearing liabilities has improved significantly [2][12]. - The company has effectively managed its funding costs, with a notable reduction in the cost of deposits and bonds issued [2]. 4. Asset Quality - The non-performing loan ratio has decreased to 1.09%, with a significant drop in non-performing loans by 1.23 million yuan [2][12]. - The provision coverage ratio has improved to 343.24%, indicating a strong buffer against potential loan losses [2]. 5. Capital and Shareholders - The company has completed the conversion of 8 billion yuan in convertible bonds, further strengthening its capital base [4]. - The major shareholder is the Commonwealth Bank of Australia, holding a 14.66% stake [4].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company has narrowed its losses in the first half of the year, showing significant improvement in operational cash flow and effective cost optimization. Demand from key industries such as finance and energy has led to a continuous influx of large model-related orders [1][6]. - The company has launched a new generation of AI Infra, with ongoing orders related to large models, indicating a strategic upgrade from Data Infra to AI Infra. This transition is expected to yield positive results in the coming years [6][12]. - The financial outlook for the company shows projected revenues of 5.23 billion, 6.93 billion, and 9.18 billion for the years 2025 to 2027, respectively, reflecting a clear growth trajectory [6][12]. Financial Data and Valuation - The company reported total revenue of 1.53 billion in the first half of 2025, with a year-over-year increase of 8.82%. The net loss attributable to the parent company was 1.43 billion, a 25.24% improvement year-over-year [6][12]. - The operating cash flow improved significantly, with a year-over-year increase of 45.87%, attributed to enhanced management and operational efficiency [6][12]. - The financial projections indicate a total revenue of 523 million in 2025, with a year-over-year growth of 41%, followed by 693 million in 2026 and 918 million in 2027, both maintaining a growth rate of 32% [2][13]. Shareholder Information - The company has a total share capital of 121 million shares, with a market capitalization of 7.3 billion. The major shareholder, Sun Yuanhao, holds a 9.22% stake in the company [3][6].

Investment Rating - The report maintains a rating of "Accumulate" for Huadian International [4] Core Views - The company reported a revenue of 59.953 billion yuan in the first half of 2025, a year-on-year decrease of 8.98%, while the net profit attributable to shareholders increased by 13.15% to 3.904 billion yuan [1][7] - The completion of asset injections is expected to enhance performance in the second half of the year [7] - The company plans to distribute an interim dividend of 0.09 yuan per share, with a payout ratio of 26.8% [7] Financial Data and Valuation - The total revenue for 2025 is estimated at 114.429 billion yuan, with a year-on-year growth of 1% [3] - The net profit attributable to shareholders is projected to be 6.534 billion yuan in 2025, reflecting a 15% year-on-year increase [3] - The current price-to-earnings (PE) ratio is 9.4, with projections of 8.6 in 2026 and 7.7 in 2027 [3][11] - The company’s total assets are expected to reach 226.263 billion yuan by 2025 [8] Performance Metrics - The company achieved a gross margin of 10.72% in the first half of 2025, an increase of 2.1 percentage points year-on-year [7] - The net profit margin was 8.26%, up by 1.16 percentage points year-on-year [7] - The return on equity (ROE) is projected to improve to 9.2% in 2025 [11] Operational Highlights - The company’s total installed capacity reached 77.4446 million kilowatts, a 29.5% increase compared to the end of 2024 [7] - The average on-grid electricity price was 516.8 yuan per megawatt-hour, a decrease of 1.44% year-on-year [7] - The company’s coal price decreased by 12.98% year-on-year to 850.74 yuan per ton, contributing to a reduction in fuel costs [7]