Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 6.77 and a sector rating of "Outperform" [1] Core Views - The company's performance in the first half of 2025 shows significant growth, with operating revenue reaching RMB 10.775 billion, a year-on-year increase of 44.05%, and net profit attributable to shareholders of RMB 825 million, up 13.08%. The non-recurring net profit attributable to shareholders surged by 52.77% to RMB 835 million [3][8] - The growth is primarily driven by substantial increases in revenue from car carriers and heavy-lift vessels, indicating a positive outlook for future performance due to multi-vessel synergy and increasing capacity [3][5] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of RMB 10.775 billion, a 44.05% increase year-on-year, and a net profit of RMB 825 million, reflecting a 13.08% growth. The non-recurring net profit reached RMB 835 million, marking a 52.77% increase [3][8] - The revenue from car carriers saw a remarkable increase of 439.87% to RMB 1.854 billion, with charter rates reaching USD 53,049.58 per day, up 67.29% [8] Revenue Projections - The report maintains previous profit forecasts, expecting net profits attributable to shareholders to be RMB 1.937 billion, RMB 2.361 billion, and RMB 2.670 billion for 2025, 2026, and 2027 respectively, with growth rates of 26.6%, 21.9%, and 13.1% [5][7] Market Outlook - The special vessel segment is expected to maintain a favorable market condition, with strong demand for project cargo transport, particularly in wind power equipment, and stable supply chains for pulp carriers [8] - The report highlights that the Chinese automotive export market remains robust, with exports reaching 3.083 million vehicles in the first half of 2025, a 10.4% increase year-on-year, indicating sustained demand for car carriers [8]

Key Points Summary Core Insights - The report highlights a selection of stocks for September 2025, including companies like 京沪高铁 (601816.SH) and 宁德时代 (300750.SZ) as potential investment opportunities [1] - The mechanical equipment sector, particularly 快克智能, shows robust growth with a 11.85% year-on-year revenue increase in H1 2025, driven by demand from the AI industry [2][4] - 云天化's revenue decreased by 21.88% in H1 2025, but the company is optimizing its business structure, particularly in the phosphate fertilizer segment, which has seen improved profitability [8][9] Mechanical Equipment Sector - 快克智能 reported H1 2025 revenue of 5.04 billion yuan, up 11.85% year-on-year, with a net profit of 1.33 billion yuan, also up 11.84% [2][4] - The company is benefiting from the high demand for welding and related equipment due to the AI industry's growth and has made breakthroughs in the semiconductor field [4][5] - The gross margin for 快克智能 in H1 2025 was 50.78%, reflecting strong profitability and effective cost control [5] Basic Chemicals Sector - 云天化's total revenue for H1 2025 was 249.92 billion yuan, down 21.88% year-on-year, with a net profit of 27.61 billion yuan, a decrease of 2.81% [8][9] - The company is focusing on optimizing its business structure, reducing low-margin soybean trading, which contributed to a significant revenue drop [9][11] - The phosphate fertilizer segment saw a revenue decline of 15.20% to 69.95 billion yuan, but the gross margin improved by 4.84 percentage points to 39.20% [9][10] Financial Performance - For 快克智能, the net profit margin in H1 2025 was 26.22%, indicating strong profitability [5] - 云天化's net profit margin improved to 12.17% in H1 2025, up 1.46 percentage points year-on-year, showcasing enhanced financial management [10][11] - The company plans to maintain a high dividend level, committing to distribute at least 45% of its distributable profits from 2024 to 2026 [11]

房地产行业 | 证券研究报告 — 行业周报 2025 年 9 月 3 日 投资建议： 风险提示： 房地产调控升级；销售超预期下行；融资收紧。 相关研究报告 强于大市 房地产行业第 35 周周报（2025 年8 月23 日-2025 年8月29 日） 上海优化限购限贷政策；城市高质量发展意见出 台，支持老旧住房原拆原建 新房成交面积环比涨幅收窄，同比降幅收窄；二手房成交面积环比由正转负，同比涨 幅扩大。新房库存面积环比由正转负，同比降幅扩大；去化周期环比下降、同比上涨。 核心观点 政策 《地产后增量时代的机遇》（2025/08/10） 《单月销售与投资降幅扩大；开竣工降幅虽收窄， 但仍处于历史低位》（2025/07/17） 《70 城房价环比跌幅持续扩大；一线城市二手房价 跌幅大于二、三线城市》（2025/07/17） 《2025 年将成为房地产行业"由量转质，优化结构" 的关键年》（2025/05/12） 《"城市更新"成为楼市重要的增量筹码，维稳房地 产市场是当前扩内需的重要一环（25 年 4 月政治局 会议解读）》（2025/04/27） 《房地产"止跌回稳"主基调不变，释放需求和化 解风险并行，传递积极 ...

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The report highlights a mixed performance in shipping rates, with a decline in European routes and a rebound in American routes. The overall trend in oil shipping rates has shown a recent correction [3][16] - EHang has deepened its cooperation with the Hefei government, and a significant order of 120 aircraft has been signed between Agricultural Bank of China Financial Leasing and Volant Aviation [3][17] - Yunda's revenue increased by 6.8% year-on-year in the first half of 2025, while J&T Express's market share in Southeast Asia rose to 32.8% [3][24] Summary by Sections Industry Hot Events - Oil shipping rates have corrected, with European routes declining and American routes rebounding. The China Import Oil Comprehensive Index (CTFI) was reported at 1273.82 points, up 10.3% from the previous week [3][15] - EHang signed an investment cooperation agreement with the Hefei government, establishing a headquarters for its VT35 eVTOL series in Hefei, with a total order value of 3 billion yuan for 120 aircraft [3][17][18] - Yunda's revenue reached 24.833 billion yuan in the first half of 2025, a 6.8% increase year-on-year, while J&T Express reported a total revenue of 5.5 billion USD, a 13.1% increase [3][24][26] Industry High-Frequency Data Tracking - In August 2025, the air cargo price index for routes from China to the Asia-Pacific region remained stable, with the Shanghai outbound air cargo price index at 4392.00 points, down 8.3% year-on-year [27][28] - The domestic freight volume for July 2025 increased by 15.04% year-on-year, with total express business volume reaching 164 billion pieces [54] - The shipping container index (SCFI) was reported at 1445.06 points, with a week-on-week increase of 2.10% but a year-on-year decrease of 51.24% [42] Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - It also highlights investment opportunities in the low-altitude economy, public transportation, and express delivery sectors, recommending companies like SF Express, J&T Express, and Yunda [5]

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The report highlights that the company is benefiting from the high prosperity of the phosphate chemical industry, leading to an upward adjustment in profit forecasts for 2025-2027. The expected EPS for 2025-2027 is projected to be 3.13, 3.22, and 3.31 RMB respectively, with corresponding PE ratios of 8.7, 8.5, and 8.3 [4] Financial Performance Summary - In the first half of 2025, the company achieved total revenue of 24,992 million RMB, a year-on-year decrease of 21.88%. The net profit attributable to the parent company was 2,761 million RMB, a decrease of 2.81% year-on-year. In Q2 2025, revenue was 11,988 million RMB, down 33.90% year-on-year, while net profit increased by 6.52% year-on-year to 1,472 million RMB [7][9] - The company’s gross profit margin improved to 19.16%, an increase of 2.55 percentage points year-on-year. The net profit margin for H1 2025 was 12.17%, up 1.46 percentage points year-on-year [7] Business Structure and Strategy - The company is optimizing its business structure, reducing the scale of low-margin soybean trading, which led to a significant decrease in revenue from this segment. The phosphate fertilizer segment saw a revenue decrease of 15.20% to 6,995 million RMB, but the gross margin increased by 4.84 percentage points to 39.20% [7] - The company is focusing on enhancing operational efficiency and strengthening its industrial chain. It has made progress in various projects, including the trial operation of a phosphate mine and capacity upgrades in ammonia production [7] Dividend Policy - The company has announced a cash dividend plan, distributing 2.00 RMB per 10 shares (including tax). It is committed to maintaining a high level of dividends, aiming for a payout of no less than 45% of the cumulative distributable profits from 2024 to 2026 [7]

机械设备 | 证券研究报告 — 调整盈利预测 2025 年 9 月 2 日 301018.SZ 增持 原评级：增持 市场价格:人民币 78.93 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 107.1 77.0 134.4 299.6 相对深圳成指 79.9 60.3 106.7 246.0 发行股数 (百万) 266.05 流通股 (百万) 199.00 总市值 (人民币 百万) 20,999.53 3 个月日均交易额 (人民币 百万) 615.11 主要股东 崔颖琦 20.7% 资料来源：公司公告， Wind ，中银证券 (8%) 56% 119% 182% 246% 309% Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 申菱环境 深圳成指 以 2025 年 9 月 1 日收市价为标准 相关研究报告 | 《申菱环境》20240903 | | --- | | 《申菱环境》20230905 | | 《申菱环境》20230430 | 中银国际证券 ...

证券研究报告——晨会聚焦 2025 年 9 月 2 日 | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 3875.53 | 0.46 | | 深证成指 | 12828.95 | 1.05 | | 沪深 300 | 4523.71 | 0.60 | | 中小 100 | 7785.03 | 0.06 | | 创业板指 | 2956.37 | 2.29 | | 行业表现（申万一级） | | | | | --- | --- | --- | --- | | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | 通信 | 5.22 | 非银金融 | (1.28) | | 综合 | 4.27 | 银行 | (1.03) | | 有色金属 | 3.46 | 家用电器 | (0.54) | | 医药生物 | 2.79 | 交通运输 | (0.51) | | 电子 | 1.42 | 汽车 | (0.45) | 资料来源：万得，中银证券 中银晨会聚焦-20250902 ■重点关注 【宏观经济】8 月 PMI 数据点评*陈琦 朱启兵。8 月制造业产、需 ...

Group 1: Strategy Overview - The core strategy is a continuation of the bull market, focusing on core technology assets as A-shares strengthen under the leadership of these assets [2][3] - The market outlook remains positive due to economic recovery expectations, continuous capital inflow, and policy benefits, with a mid-term slow bull logic still intact [3] - Short-term market may face technical adjustment pressure due to crowded trading in some popular sectors, but a new round of valuation-driven market space is expected to open up starting in Q3 [3] Group 2: September Stock Picks - The September stock picks include: Beijing-Shanghai High-Speed Railway (Transportation), Tongkun Co., Ltd. (Chemicals), Yake Technology (Chemicals), CATL (Electricity), Heng Rui Medicine (Pharmaceuticals), Sanyou Medical (Pharmaceuticals), Beijing Renli (Social Services), Feiliwa (Electronics), Zhaoyi Innovation (Electronics), and Pengding Holdings (Electronics) [8][10] Group 3: Industry Insights Transportation Industry: Beijing-Shanghai High-Speed Railway - The company is a landmark project in China's high-speed rail, with expected net profit exceeding 12.7 billion yuan in 2024 [10] - The business model relies on entrusted transportation management, with revenue primarily from passenger transport and network service income [10] - Key factors supporting growth include a favorable pricing mechanism, strong travel demand along the route, network effects from an expanding high-speed rail network, and technological advancements in train efficiency [11] Chemical Industry: Tongkun Co., Ltd. - The company achieved significant sales growth in polyester filament, with a total sales volume of 9.4587 million tons in the first three quarters of 2024, a year-on-year increase of 29.60% [12] - Despite a decline in selling prices due to fluctuating oil prices and weak downstream demand, the company expects profitability to improve with demand recovery [12] Chemical Industry: Yake Technology - The company reported steady growth, with a gross margin of 31.59% in 2024 [14] - The electronic materials segment is expanding, with significant revenue growth in precursor materials and photoresists [15] Electric Industry: CATL - The company achieved a net profit of 50.745 billion yuan in 2024, a year-on-year increase of 15.01% [17] - CATL maintains a leading position in the global battery market, with a 37.9% market share in power batteries and 36.5% in energy storage [18] Pharmaceutical Industry: Heng Rui Medicine - The company reported a 12.53% year-on-year increase in revenue for Q2 2024, with innovative drugs accounting for over 60% of total revenue [20] - Multiple new products were launched in the first half of 2024, contributing to growth [21] Pharmaceutical Industry: Sanyou Medical - The company faced pressure from centralized procurement but is innovating therapies to enhance market share [24] - The acquisition of Waterwood Tianpeng is expected to strengthen the product matrix and enhance competitiveness [25] Social Services Industry: Beijing Renli - The company has a broad service coverage and a strong client base, with growth potential in flexible employment and outsourcing [27] - Digitalization and AI applications are expected to enhance operational efficiency and revenue growth [28] Electronics Industry: Feiliwa - The company reported a revenue of 908 million yuan in H1 2025, with a gross margin of 49.2% [29] - New business lines are beginning to contribute to performance, particularly in semiconductor and aerospace sectors [30] Electronics Industry: Zhaoyi Innovation - The company achieved a revenue of 7.356 billion yuan in 2024, with a significant increase in net profit [32] - The company is actively expanding its market share in various sectors, including storage and MCU products [33] Electronics Industry: Pengding Holdings - The company reported a revenue of 16.375 billion yuan in H1 2025, with a net profit increase of 57.22% [35] - The company is capitalizing on market opportunities across various product lines, including communication and consumer electronics [36]

买入 机械设备 | 证券研究报告 — 调整盈利预测 2025 年 9 月 2 日 603203.SH 证券分析师：曹鸿生 原评级：买入 市场价格:人民币 32.78 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 46.0 23.1 38.4 62.6 相对上证综指 27.2 14.3 22.7 26.2 发行股数 (百万) 253.66 流通股 (百万) 249.15 总市值 (人民币 百万) 8,315.01 3 个月日均交易额 (人民币 百万) 102.22 主要股东 常州市富韵投资咨询有限公司 30.15% (12%) 4% 20% 37% 53% 69% Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 快克智能 上证综指 资料来源：公司公告， Wind ，中银证券 以 2025 年 9 月 1 日收市价为标准 相关研究报告 《快克智能》20240902 《快克智能》20240513 中银国际证券股份有限公司 具备证券投资咨询业务资格 机械设备 ...

宏观经济 | 证券研究报告 — 总量周报 2025 年 9 月 1 日 资产表现回顾 宏观和大类资产配置周报 本周沪深 300 指数上涨 2.71%，沪深 300 股指期货上涨 2.93%；焦煤期货 本周上涨 1.31%，铁矿石主力合约本周上涨 2.27%；余额宝 7 天年化收益 率下跌 9BP 至 1.06%；十年国债收益率上行 6BP 至 1.84%，活跃十年国债 期货本周上涨 0.15%。 资产配置建议 四季度增量政策仍值得期待。1-7 月采矿业、原材料加工业均对工业企业 利润同比增速造成拖累，传统设备制造业、高技术制造业仍有支撑，上游 产业仍是盈利的重要短板。而从"量"、"价"角度看，价格因素是当前 工业企业盈利能力的主要拖累，1-7 月生产资料 PPI 同比降幅仍在扩大。 生产资料价格不振仍是工业企业盈利的主要短板之一，中长期或将对居民 收入预期产生影响。我们认为，后续政策端有望从供给、需求两个方面发 力解决"价格不振"的问题，"反内卷"与"扩内需"有望并行，四季度 增量政策仍值得期待。 本周我们维持大类资产配置顺序：股票>大宗>债券>货币。 风险提示：全球通胀二次上行；欧美经济回落速度过快；国际局 ...