执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn | | | 汽车零部件 | 基本状况 | | | --- | --- | | 总股本(百万股) | 242.88 | | 流通股本(百万股) | 229.27 | | 市价(元) | 45.20 | | 市值(百万元) | 10,978.05 | | 流通市值(百万元) | 10,362.97 | 1、《精密注塑隐形冠军，平台化延展 加速机器人布局》2025-06-10 肇民科技（301000.SZ） 证券研究报告/公司点评报告 2025 年 09 月 02 日 | 买入（维持） 评级： | | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：何俊艺 | | 营业收入（百万元） | | 591 | 7 ...

软通动力 25H1 点评：软硬协同优势渐明，信创订单加速落地 IT 服务Ⅱ 执业证书编号：S0740524030002 Email：sunxz@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 952.94 | | 流通股本(百万股) | 680.28 | | 市价(元) | 60.08 | | 市值(百万元) | 57,252.71 | | 流通市值(百万元) | 40,871.10 | 报告摘要 股价与行业-市场走势对比 事件：公司发布 2025 半年报。1）25H1，公司实现营收 157.81 亿元，同比+25.99%， 实现归母净利润-1.43 亿元，同比减少亏损 7.60%；2）25Q2，公司实现营收 87.70 亿元，同比+23.93%，环比+25.10%；实现归母净利润 0.55 亿元，环比+127.87%， Q2 经营活动现金流净额 13.58 亿元，环比+173.92%。 请务必阅读正文之后的重要声明部分 发挥软硬协同优势，构建全栈 AI 产品和服务能力。分业务来看，25H1，1）软件与 数字技术服务：实现营收 89.20 亿元，同比+4.78 ...

Group 1 - The overall revenue and profit growth of state-owned banks improved in 1H25, mainly driven by a significant increase in other non-interest income and cost release. Additionally, market interest rates and deposit rates declined, stabilizing the interest margin, leading to a marginal increase in net interest income growth [2][3]. - The asset quality of state-owned banks is relatively strong, with non-performing loan (NPL) ratios and attention rates remaining low and either stable or decreasing. The provision coverage ratio increased, enhancing the safety margin, and the capital adequacy ratio also improved, strengthening the risk resistance capability of these banks [2][4]. - Investment recommendations suggest a shift in the operating model and investment logic of bank stocks from "pro-cyclical" to "weak cycle." During periods of economic stagnation, high dividend yields from bank stocks will remain attractive, and the report continues to favor the stability and sustainability of bank stocks [2][5]. Group 2 - In terms of revenue, the year-on-year growth for 1H25 was +1.5%, with a turnaround from negative to positive growth compared to 1Q25. The net profit saw a slight decline of -0.1% year-on-year, but the decline narrowed compared to the previous quarter. The increase in revenue was largely attributed to the growth in non-interest income, particularly from the stock market [3][7]. - The asset quality analysis indicates that the overall NPL ratio remained stable at 1.27% in 1H25, with a slight decrease in the attention loan ratio. The overdue loan ratio increased slightly but remains low, and the provision coverage ratio rose to 237.50%, further enhancing the safety margin [4][9]. - The report highlights that the cost-to-income ratio for 1H25 was 29.3%, showing a year-on-year decrease, while the core Tier 1 capital adequacy ratio improved to 12.67%, maintaining a high level of capital strength [4][10].

元件 三环集团：上半年稳健增长，看好 MLCC/SOFC 业务持续突破 三环集团（300408.SZ） 证券研究报告/公司点评报告 2025 年 09 月 02 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | | 2025E | 2026E | 2027E | | 分析师：王芳 | | 营业收入（百万元） | 5,727 | | 7,375 | 9,233 | 10,807 | 12,621 | | | | 增长率 yoy% | 11% | | 29% | 25% | 17% | 17% | | 执业证书编号：S0740521120002 | | 归母净利润（百万元） | 1,581 | | 2,190 | 2,707 | 3,350 | 3,943 | | Email：wangfang02@zts.com.cn | | 增长率 yoy% | 5% | | 39% | 24% | 24% | 18% | | ...

休闲食品 | | | 执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 606.00 | | 流通股本(百万股) | 606.00 | | 市价(元) | 16.40 | | 市值(百万元) | 9,938.43 | | 流通市值(百万元) | 9,938.43 | 2025-04-16 2024-10-26 2024-09-03 绝味食品（603517.SH） 证券研究报告/公司点评报告 2025 年 09 月 02 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：熊欣慰 | | 营业收入（百万元） | | 7,261 | 6,257 | 5,588 | 5,821 | 6,160 | | | | 增长率 yoy% | | 1 ...

执业证书编号：S0740524030002 Email：sunxz@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 720.20 | | 流通股本(百万股) | 601.59 | | 市价(元) | 44.84 | | 市值(百万元) | 32,293.60 | | 流通市值(百万元) | 26,975.41 | 神州数码 25H1 点评：微电子分销加速，AI 助力数智化转型 IT 服务Ⅱ 神州数码（000034.SZ） 证券研究报告/公司点评报告 2025 年 09 月 01 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：孙行臻 | | 营业收入（百万元） | | 119,624 | 128,166 | 137,339 | 146,095 | 156,044 | | | | 增长率 yoy% ...

从顺周期到弱周期》2025-08-31 润增速边际向上》2025-08-18 3、《2Q25 货币政策执行报告点评： 2025-08-18 | 评级： | 增持（维持） | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：戴志锋 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740517030004 | | 江苏银行 | 10.72 | 1.69 | 1.65 | 1.91 | 2.03 | 2.15 | 6.34 | 6.50 | 5.62 | 5.28 | 4.98 | 买入 | | | | 渝农商行 | 6.38 | 0.94 | 0 ...

执业证书编号：S0740525030002 Email：wanjy@zts.com.cn 玻璃玻纤 执业证书编号：S0740519070002 Email：sunying@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 2,683.57 | | 流通股本(百万股) | 2,683.57 | | 市价(元) | 6.35 | | 市值(百万元) | 17,040.70 | | 流通市值(百万元) | 17,040.70 | 有挖潜空间》2025-05-04 法望实现探底企稳》2024-11-13 旗滨集团（601636.SH） 证券研究报告/公司点评报告 2025 年 09 月 01 日 | 增持（维持） 评级： | | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：孙颖 | 营业收入（百万元） | | 15,683 | 15,649 | 15,051 ...

Q2 环比改善、复苏有望延续，持续看好创新主线 医药生物 证券研究报告/行业定期报告 2025 年 09 月 01 日 | 分析师：祝嘉琦 | | --- | | 执业证书编号：S0740519040001 | | Email：zhujq@zts.com.cn | | 联系人：刘照芊 | | Email：liuzq04@zts.com.cn | | 上市公司数 | 494 | | --- | --- | | 行业总市值(亿元) | 76,517.64 | | 行业流通市值(亿元) | 69,437.14 | 行业-市场走势对比 1、《创新药产业链多家龙头半年盈 喜，"全球新"资产加速奔跑》 2025-08-25 迎来产业加速发展期》2025-08-21 景气度提升》2025-08-17 | 评级： | 增持（维持） | | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 简称 | ...

分析师：赵宇鹏 光伏玻璃报价上调，多省发布新能源上网电价改革实施方案 执业证书编号：S0740522020001 Email：zengbiao@zts.com.cn 分析师：吴鹏 执业证书编号：S0740522040004 Email：wupeng@zts.com.cn 执业证书编号：S0740522100005 Email：zhaoyp02@zts.com.cn 执业证书编号：S0740525020001 Email：xumc@zts.com.cn Email：guolin@zts.com.cn | 上市公司数 | 395 | | --- | --- | | 行业总市值(亿元) | 69,453.34 | | 行业流通市值(亿元) | 61,753.87 | 执业证书编号：S0740524060006 Email：wangxy23@zts.com.cn 分析师：郭琳 执业证书编号：S0740525080002 2025-08-25 2025-08-24 电力设备 证券研究报告/行业定期报告 2025 年 09 月 01 日 | 评级： | 增持（维持） | | 重点公司基本状况 | | | | | | | ...