证券研究报告 | 公司点评 | 城商行Ⅱ 重庆银行(601963) 报告日期：2025 年 08 月 23 日 经营全面改善 ——重庆银行 2025 年中报点评 投资要点 ❑ 重庆银行 25H1 盈利动能继续回升、不良指标显著改善。 ❑ 数据概览 25H1重庆银行营收、归母净利润同比分别+7.0%、+5.4%，增速环比25Q1分别提 升 1.7pc、0.1pc。从驱动因素来看，主要得益于规模扩张提速、非息收入改善。 （1）规模：25H1 末总资产同比增长 22%，较 25Q1 末的 19.3%明显提速，主要 归因贷款和 AC 户债券投资增速提升，贷款、AC 户债券投资 25H1 末同比分别增 长 20%、50%，而 25Q1 分别增长 16%、24%。（2）非息：25H1 末其他非息同比 增长 0.6%，而 25Q1 负增 69.9%，判断是 25Q2 债市表现回暖，叠加重庆银行兑 现部分浮盈，支撑债券投资收益修复。25H1 末重庆银行 FVOCI 规模环比下降 13.2%。展望未来，得益于规模快速扩张、息差基数消退，预计重庆银行全年盈 利增速有望继续保持快增。 ❑ 负债成本改善 25Q2 重庆银行净息差（单 ...

Core Viewpoints - The A-share market continues to rise, with the major indices showing signs of acceleration, and the overall index performance is broad-based [1][54] - The Shanghai Composite Index has surpassed the 2021 high of 3731 points and is now above 3800 points, with the next medium-term target potentially challenging the 0.618 Fibonacci retracement level of the largest decline since 2015 [1][4] - The recommendation is to moderately ignore short-term fluctuations and increase both short-term and medium-term allocations near key support levels such as the 20-day and 60-day moving averages [1][5] Market Overview - During the week of August 18 to August 22, 2025, major indices collectively rose, with the STAR Market 50 leading the gains [2][12] - The TMT sectors (Technology, Media, and Telecommunications) showed strong performance, while cyclical sectors lagged behind [2][14] - Market sentiment improved with a significant increase in trading volume, and most stock index futures contracts were in contango [2][21] - The margin trading balance increased significantly, while the proportion of financing purchases slightly decreased, indicating a mixed flow of funds [2][28] Sector Performance - The TMT sectors led the market, with telecommunications, electronics, computers, and media rising by 10.47%, 9.00%, 7.80%, and 5.82% respectively, reflecting a high risk appetite in the current market [14][55] - In contrast, cyclical sectors such as real estate, construction, and materials showed weaker performance, with modest gains [14][55] Future Market Outlook - The outlook remains positive as the Shanghai Composite Index has broken through significant resistance levels, with the potential for further gains [4][53] - The market is characterized by a "systematic slow bull" trend, suggesting that investors should focus on medium to long-term strategies rather than short-term trading [4][56] - The report emphasizes the importance of maintaining a balanced allocation between large financials and broad technology sectors, while also paying attention to previously lagging sectors like real estate [5][57]

Investment Rating - The investment rating for the company is upgraded to "Buy" [4][10]. Core Insights - The MLED market continues to grow, with a projected investment amount of approximately 84.58 billion RMB in 2024, reflecting a year-on-year increase of 50.30%. The growth rate for 2025 is expected to exceed 30% [2]. - The company's focus on high-end video display processing systems has resulted in a 5.51% year-on-year increase in sales revenue, although sales volume decreased by 8.06%. This indicates a strategic shift towards high-end products [3]. - The MLED chips and equipment are expected to become a unique growth segment for the company in 2025-2026, driven by the increasing demand from leading domestic brands [4][9]. Summary by Sections MLED Market Growth - The MLED display market is becoming a new growth point, with superior characteristics compared to traditional LED displays. The investment in MLED projects has surpassed 56 billion RMB in the first half of 2025 [2]. High-End Video Display Processing - The company is concentrating on high-end product paths, leading to a 2.33% increase in gross margin. The transition from 2K to 4K and the nascent stage of 8K technology presents significant growth opportunities [3]. Financial Performance - In the first half of 2025, the company reported a revenue of 1.533 billion RMB, a decrease of 1.93% year-on-year, and a net profit of 294 million RMB, down 9.33% year-on-year. However, the gross margin for Q2 reached 58.20%, indicating a recovery in profitability [7][9]. Future Outlook - The company is expected to achieve revenues of 3.48 billion RMB in 2025, with a net profit of 604.73 million RMB, reflecting a year-on-year growth of 1.96% [10][12]. The focus on high-value segments and technological advancements positions the company favorably for future growth [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is the only listed insurance enterprise backed by the Shanghai State-owned Assets Supervision and Administration Commission, with ongoing transformation and forward-looking layout in the Web3 sector expected to bring a dual boost to performance and valuation [1] - The strategic importance of the insurance industry is increasing, with the company benefiting from the long-term transformation in life insurance and support from the Shanghai State-owned Assets Supervision and Administration Commission [2] - The company is expected to see a strong increase in new business value (NBV) due to the implementation of its transformation plan and growth in its agent workforce [3] - The company has a diversified shareholder structure, with significant strategic support from the Shanghai State-owned Assets Supervision and Administration Commission, which is expected to aid in its high-quality development [4] - The company is proactively entering the Web3 sector, launching on-chain asset management products and forming strategic partnerships, which may drive valuation upward [4] - The recent acquisition of shares by China Ping An indicates strong recognition from peers in the industry [4] Financial Summary - The company’s projected revenue for 2025 is approximately 419.63 billion yuan, with a year-on-year growth of 4% [11] - The projected net profit for 2025 is approximately 47.77 billion yuan, reflecting a year-on-year growth of 6% [11] - The estimated new business value growth rate is expected to be 23% in 2025 [12] - The price-to-earnings value (PEV) is projected to be 0.64x for 2025, indicating a relatively low valuation compared to historical levels [10][12] - The target price based on a 0.8x PEV for 2026 is set at 54.09 yuan, representing a potential upside of 36% [10]

Investment Rating - The industry rating for the unmanned forklift sector is optimistic [1] Core Insights - Unmanned forklifts are defined as a new mode of material handling, with significant potential for explosive growth due to their applications in automation and efficiency improvements [3][6] - The unmanned forklift market is expected to see a compound annual growth rate (CAGR) of 55% from 2019 to 2024, with a projected sales volume of 24,500 units in 2024 [6][44] - The global market for unmanned forklifts reached approximately 30,700 units in 2023, reflecting a year-on-year growth of 46% [47] Market Size and Growth - The global sales of powered industrial vehicles increased from 990,000 units in 2013 to 2.14 million units in 2023, with a CAGR of 8.0% [6] - In China, the total sales of forklifts are projected to be 1.2855 million units in 2024, representing a year-on-year growth of 9.5% [6] - The unmanned forklift market in China achieved a sales scale of 4.3 billion yuan in 2023, with a year-on-year growth of 24% [47] Competitive Landscape - In 2023, only 8% of companies in the unmanned forklift market achieved sales exceeding 100 million yuan [4][53] - Major players in the unmanned forklift market include traditional forklift manufacturers, AGV/AMR companies, and logistics integrators [6][53] - Key recommended companies for investment include Hangcha Group, Anhui Heli, and Zhongli Group, with additional attention on Geek+, Noli, Lanjian Intelligent, and Dongjie Intelligent [6][74] Technology and Applications - Unmanned forklifts primarily utilize SLAM navigation, which accounted for 75% of the navigation methods in 2023 [32] - The main applications for unmanned forklifts include outdoor transportation, loading and unloading at external platforms, indoor transportation, and storage operations [35] - The unmanned forklift market is characterized by a low penetration rate of only 1.9% in 2024, indicating substantial room for growth [38]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company experienced accelerated growth in Q2 2025, with revenue and net profit attributable to shareholders increasing by 12% and 24% year-on-year, respectively [1] - The high-end brand transformation is showing positive results, with a focus on brand building, product line expansion, and channel development [2] - The self-owned brand and CP business segments are stabilizing, with expectations for profitability in the upcoming periods [3] Financial Performance - In the first half of 2025, the company reported revenue of 2.5 billion yuan, a year-on-year increase of 9.02%, and a net profit of 123 million yuan, up 16.54% [1] - The gross margin for Q2 2025 was 65.27%, reflecting a year-on-year increase of 3.67 percentage points [1] - The forecast for net profit attributable to shareholders is projected to grow significantly from 260 million yuan in 2025 to 414 million yuan in 2027, representing year-on-year increases of 136%, 29%, and 23% respectively [3][8] Brand and Product Development - The company is enhancing its high-end brand matrix through collaborations with celebrities and high-fashion events, which are effectively reaching high-net-worth customers [2] - New product launches in the Chinese market have been successful, contributing to the overall brand product system [2] - The performance of star products has been strong, with significant sales in key categories [2] Market Position and Strategy - The company is focusing on high-end transformation, with a target to open 50 high-end stores with SPA services over the next three years [2] - The self-owned brand and CP business are expected to stabilize, with a focus on quality and resource allocation [3]

证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 08 月 22 日 基于卡玛比率的低收益高波动下债市应对策略 ——债市策略思考 核心观点 债市仍偏逆风，但低收益高波动的另一面是"错误定价"频现，建议投资者"低仓位 +高胜率"做好防守反攻，快进快出博弈超跌反弹机会。 ❑ 2025 年以来债市处于低收益、高波动状态 不同于过去一年债市的高收益、高波动状态，2025 年以来债市已进入低收益、高 波动状态：一方面，2025 年以来 10 年国债收益率波动明显加大；另一方面，从 基金业绩表现来看，2025 年以来基金回报率较往年有所下降。 ❑ 如何评价基金投资的性价比？ 分析师：郑莎 执业证书号：S1230524080012 zhengsha@stocke.com.cn 相关报告 1 《赎回潮行情何时至右侧？》 2025.08.20 2 《探析"反内卷"行情对利率 中枢的影响》 2025.08.18 3 《转债延续上涨，关注产业趋 势》 2025.08.17 （1）卡玛比率比夏普比率更能反映真实风险，但二者需结合使用。夏普比率更适 用于中短债及纯债类波动小，回撤较低的基金，而 ...

证券研究报告 | 浙商早知道 报告日期：2025 年 08 月 22 日 浙商早知道 2025 年 08 月 22 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 ❑ 资金：周四沪深两市总成交额为 24241 亿元，南下资金净流入 74.6 亿港元。 重要推荐 ❑ 【浙商通信 张建民】中兴通讯（000063）公司更新：超节点核心卡位，AI 时代再造中兴——20250820 重要观点 ❑ 【浙商宏观 李超/廖博】宏观深度报告：广义财政收支再平衡——20250820 重要点评 ❑ 【浙商大消费中观策略 钟烨晨】酒店餐饮 行业深度：中餐方兴未艾，品牌格局渐明——20250820 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：周四上证指数上涨 0.1%，沪深 300 上涨 0.4%，科创 50 上涨 0.1%，中证 1000 下跌 0.7%，创业板指下跌 0.5%，恒生指数下跌 0.2%。 ❑ 行业：周四表现最好的行业分别是农林牧渔（+1.5%)、石油石 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company leverages platform-based manufacturing and maintains competitive advantages in a fiercely competitive market. It focuses on high-value products, extreme cost performance, and product strength, successfully creating several popular models. The high-end brands Zeekr and Lynk & Co have gained considerable audience recognition due to unique product designs, strong electric systems, and exceptional safety features, with high-priced models expected to become significant profit sources for the company [2][3]. Financial Forecast and Valuation - The company is expected to achieve revenue of CNY 378.38 billion, CNY 449.38 billion, and CNY 521.76 billion from 2025 to 2027, representing year-on-year growth of 57.5%, 18.8%, and 16.1% respectively. The net profit attributable to shareholders is projected to be CNY 16.66 billion, CNY 18.78 billion, and CNY 22.98 billion during the same period, with year-on-year growth of 0.19%, 12.67%, and 22.38% respectively. The EPS is expected to be CNY 1.7, CNY 1.9, and CNY 2.3, corresponding to PE ratios of 11.0, 9.8, and 8.0 times [3]. Sales and Financial Data - In 2024, the company is projected to achieve a total sales volume of 2.177 million vehicles, a year-on-year increase of 29.1%. The breakdown includes 1.29 million fuel vehicles and 890,000 new energy vehicles, with significant growth in the latter. The sales target for 2025 is set at 3 million vehicles, with the Galaxy brand expected to contribute significantly [11][22][28]. - For the first half of 2025, the company reported revenue of CNY 150.28 billion, a year-on-year increase of 26.5%. The net profit attributable to shareholders was CNY 9.29 billion, a decrease of 13.9% compared to the previous year, but the core net profit showed a significant increase of 101.7% [16][18]. Brand Integration and Strategy - The company has initiated a brand integration strategy, consolidating several brands to enhance operational efficiency and reduce internal competition. The Geometry brand has been integrated into the Galaxy brand, and Lynk & Co has merged with Zeekr, which is expected to streamline operations and improve market competitiveness [31][34][35]. Product Matrix and Market Position - The company has developed a multi-brand strategy with distinct product matrices for Galaxy, Lynk & Co, and Zeekr, targeting various market segments. The Galaxy brand focuses on mid-to-high-end new energy vehicles, while Lynk & Co aims at the high-end market, and Zeekr is positioned as a luxury brand. This strategic positioning is expected to enhance market share and profitability [45][49][52]. Export Growth - The company's export volume reached 414,500 vehicles in 2024, representing a nearly 5.7-fold increase since 2020, with the export ratio rising from 5.5% in 2020 to 19.0% in 2024. This growth in exports is becoming a crucial driver for overall sales improvement [28][30].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company adheres to the "screen-to-chip" strategy, expanding capacity across multiple fields to enhance market share. The company has completed the construction of its 8.6 generation OLED mask production line and is set to supply BOE's first 8.6 generation OLED panel line in Q3 2025. A total investment of 2 billion yuan is planned for the Xiamen Ruvi Optoelectronics high-generation high-precision mask production base, with revenue expected to start in the second half of 2026. The semiconductor project is progressing well, with 90nm and above mask versions validated by some clients, and trial production of 40nm masks set to begin in the second half of 2025 [2][6][8]. Summary by Sections Business Overview - The company has a strong foundation in the panel mask industry, having operated for over 20 years. It is actively promoting high-end panel masks and semiconductor front-end mask projects [2]. Market Demand - The demand for OLED panels is accelerating across various applications, with a significant gap in high-end OLED mask domestic substitution. The market for OLED panels is expanding from mobile phones to tablets, PCs, and automotive applications, with a projected CAGR of 54% for automotive OLED panel shipments from 2022 to 2027 [6][8]. Financial Performance - For the first half of 2025, the company reported revenue of 540 million yuan, a year-on-year increase of 37.5%, and a net profit of 110 million yuan, up 29.1%. The company is expected to maintain a revenue growth rate of over 30% [6][8]. Future Projections - Revenue projections for 2025-2027 are 1.167 billion yuan, 1.569 billion yuan, and 2.129 billion yuan, respectively, with year-on-year growth rates of 33.2%, 34.5%, and 35.7%. Net profit is expected to reach 266 million yuan, 368 million yuan, and 508 million yuan during the same period, with growth rates of 39.3%, 38.5%, and 37.9% [8][10]. Valuation - Based on the closing price on August 21, 2025, the corresponding P/E ratios for 2025-2027 are 31.0, 22.3, and 16.2 times, indicating a favorable valuation outlook [8].