医药生物 | 证券研究报告 — 调整盈利预测 2025 年 8 月 28 日 原评级：买入 市场价格:人民币 63.05 板块评级:强于大市 600276.SH 买入 医药生物：化学制药 证券分析师：刘恩阳 enyang.liu@bocichina.com 证券投资咨询业务证书编号：S1300523090004 恒瑞医药 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 40.3 11.8 18.0 44.6 相对上证综指 23.8 6.0 4.3 11.2 发行股数 (百万) 6,637.20 流通股 (百万) 6,637.20 总市值 (人民币 百万) 418,475.45 3 个月日均交易额 (人民币 百万) 3,320.09 (5%) 7% 18% 30% 41% 53% Aug-24 Sep-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 恒瑞医药 上证综指 主要股东持股比例 江苏恒瑞医药集团有限公司 23.18% 资料来源：公司公告， Wind ，中银证券 以 2025 年 8 月 ...

宏观经济 | 证券研究报告 — 总量点评 2025 年 8 月 28 日 1-7 月工企利润数据点评 四季度增量政策或仍值得期待 1-7 月工业企业利润总额同比下降。采矿业占比今年以来持续走低。四季度 增量政策或仍值得期待。 国家统计局网站 8 月 27 日信息显示，1-7 月全国规模以上工业企业（以 下简称为"工业企业"）实现利润总额 40203.5 亿元，同比下降 1.7%， 降幅较上半年收窄 0.1 个百分点；7 月当月，工业企业利润同比下降 1.5%，降幅环比 6 月收窄 2.8 个百分点；7 月工业企业盈利增速环比 6 月 延续改善。但需注意的是，2025 年 1-7 月工业企业利润总额仍低于过去 三年（2022 年-2024 年）同期均值，工业企业盈利水平仍相对弱势。 营业收入、成本方面，1-7 月工业企业营业收入同比增长 2.3%，增幅较 上半年收窄 0.2 个百分点，每百元资产实现营业收入 74.0 元，较上半年 增加 0.1 元。1-7 月工业企业营业成本同比增长 2.5%，增幅较上半年收 窄 0.3 个百分点。 盈利能力方面，1-7 月规模以上工业企业营业收入利润率实现 5.2%，与 上半 ...

Investment Rating - The investment rating for the company is "Buy" [1][5] - The previous rating was also "Buy" [1] Core Views - The report indicates that the company's fundamentals are in line with expectations, and the incremental demand for quartz fiber materials is promising [3] - The company is one of the few manufacturers globally capable of mass-producing quartz fiber, which is expected to break the overseas monopoly in the low dielectric electronic cloth market and provide technical support for domestic copper-clad board manufacturers [3][8] - The report maintains a "Buy" rating based on the anticipated growth in demand for quartz electronic cloth driven by AI infrastructure hardware upgrades [5] Summary by Sections Stock Performance - The company's stock has shown significant absolute performance with a 155.2% increase year-to-date and a 219.8% increase over the past 12 months [2] - The market price is currently at RMB 92.32, with a total market capitalization of approximately RMB 48.22 billion [1][2] Financial Projections - Revenue projections for the company show a growth from RMB 2,091 million in 2023 to RMB 5,202 million by 2027, with a notable growth rate of 75.4% in 2026 [7] - The estimated EPS is projected to increase from RMB 1.03 in 2023 to RMB 2.54 in 2027, reflecting a significant growth trajectory [7][10] Business Segments - The company reported a revenue of RMB 9.08 billion in the first half of 2025, with a gross margin of 49.2% [8] - The semiconductor segment is showing steady growth, while the aerospace segment is recovering, and the photovoltaic segment has seen a significant decline [8] - The quartz electronic cloth product is currently in the testing phase with clients, indicating potential for future revenue growth [8] Market Dynamics - The report highlights that the global switch market is transitioning from 200G/400G to 800G/1.6T, with significant demand expected for quartz electronic cloth [8] - The company is positioned to benefit from the competitive landscape shift in the low dielectric electronic cloth market, as it possesses the full production chain from quartz sand to quartz fiber [8]

证券研究报告——晨会聚焦 2025 年 8 月 28 日 | 中银晨会聚焦-20250828 | | --- | ■重点关注 【策略研究】市场点评报告*王君 徐沛东。新规修订聚焦功能发挥与合规导 向，推动行业分化加速，龙头券商估值有望提升，中小券商差异化空间扩大。 【电子】颀中科技*苏凌瑶。公司 2025Q2 营收同比稳健增长，毛利率环比显 著回升。大尺寸面板库存去化良好，有望提振公司下半年销量预期。公司显 示业务地位稳固，非显示业绩积极拓展。 中银国际证券股份有限公司 具备证券投资咨询业务资格 产品组 证券分析师：王军 (8621)20328310 jun.wang_sh@bocichina.com 证券投资咨询业务证书编号：S1300511070001 8 月金股组合 股票代码 股票名称 002352.SZ 顺丰控股 002648.SZ 卫星化学 688019.SH 安集科技 600276.SH 恒瑞医药 688198.SH 佰仁医疗 600861.SH 北京人力 300395.SZ 菲利华 601138.SH 工业富联 002938.SZ 鹏鼎控股 688615.SH 合合信息 | 市场指数 | | | ...

交通运输 | 证券研究报告 — 行业周报 2025 年 8 月 27 日 强于大市 交通运输行业周报 原油运价持续回暖，白云机场上半年净利润同 比大幅增长 航运方面，原油运价持续回暖，欧美线集运运价继续下跌。航空方面，上半 年我国新开国际航空货运航线数量同比增长超 50%，白云机场上半年实现 净利润 7.50 亿元。物流与交通新业态方面，前 7 个月邮政行业业务收入超 万亿元，顺丰控股 7 月业务量 13.77 亿票。 核心观点 ①原油运价持续回暖，美线集运运价继续下跌。8 月 21 日，上海航运交 易所发布的 CTFI报 1154.72 点，较 8月 14日上涨 8.5%。本周 VLCC市场 中东航线 9 月上旬货盘开始收尾，成交量持续增加；大西洋和美湾航线活 跃度明显提升，成交运价不断回暖。船东延续上周挺价情绪，租家仍通过 私下寻盘降低货盘曝光程度，避免市场过热。目前，整体可用运力仍然足 够，尽管 OPEC+9 月增产确认，但供给端增加可能更大程度上会对油价产 生影响，间接才影响到需求端。欧线集运方面，本周运输市场供需基本面 略显疲软，市场运价继续下跌。8 月 22 日，上海港出口至欧洲基本港市 场运价为 ...

计算机 | 证券研究报告 — 行业周报 2025 年 8 月 27 日 DeepSeek-V3.1 发布，海内外大模型的密集更新有望对 AI 应用、尤其是 Agent 的发展形成坚实的支撑。上海发布《上海市加快推动"AI+制造"发展的实 施方案》，有助于加速解决数据孤岛问题，进一步推动"AI+制造"的发展。 百度 2025Q2AI 新业务收入实现快速增长，AI 商业化能力正在落地。 支撑评级的要点 【索辰科技】全资子公司上海索辰数字科技有限公司拟通过支付现金方式受让北 京力控元通科技有限公司股权及/或向其增资，收购取得标的公司 51%股权，并将 其作为控股子公司纳入合并报表范围。 【新北洋】公司于 2025 年 8 月 21 日公布财报。2025H1 公司实现总营业收入 12.79 亿元，同比增长 24.04%；实现归母净利润 0.37 亿元，同比增长 114.60%。 评级面临的主要风险 DeepSeek 模型升级，继续 关注"AI+"板块机会 计算机行业"一周解码" 技术创新不及预期；政策推行不到位；下游需求景气度不稳定的风险。 相关研究报告 《AI 应用又迎催化》20250811 《"人工智能+"意见发 ...

Investment Rating - The report maintains an "Overweight" rating for the company [1][5] Core Views - The company shows signs of a recovery in gross margin and is actively expanding its new business while maintaining its leading position in the display sector [3][8] - The company's revenue for Q2 2025 has shown a steady year-on-year growth, with a significant quarter-on-quarter recovery in gross margin [8] Financial Summary - The company is expected to achieve revenues of RMB 2,288 million in 2025, with a growth rate of 16.8% [7] - The estimated EPS for 2025, 2026, and 2027 are RMB 0.29, RMB 0.33, and RMB 0.37 respectively, with corresponding PE ratios of 43.1, 38.5, and 34.1 [5][7] - The company reported a revenue of RMB 9.96 billion for H1 2025, with a year-on-year increase of 7% [8] - The gross margin for Q2 2025 was 31.3%, showing a quarter-on-quarter increase of 7.6 percentage points [8] Market Position - The company ranks third globally in display driver chip packaging and first in the Chinese market (excluding Hong Kong and Taiwan) [8] - The company is actively expanding into non-display businesses, including packaging services for power devices [8]

Group 1: Key Insights on Oil and Petrochemical Industry - The company achieved a revenue of 22.597 billion yuan in the first half of 2025, representing a year-on-year growth of 4.46%, with a net profit attributable to shareholders of 1.829 billion yuan, up 13.15% year-on-year [5][6] - In Q2 2025, the company reported a revenue of 12.522 billion yuan, a year-on-year increase of 0.78% and a quarter-on-quarter increase of 24.30%, with a net profit of 1.235 billion yuan, reflecting a year-on-year growth of 10.75% [5][6] - The company focuses on its core business, showing steady growth in performance, and is optimistic about the enhancement of its traditional business competitiveness and the broad development space for new productivity [5][6] Group 2: Key Insights on Electronics Industry - The company reported a revenue of 1.732 billion yuan in the first half of 2025, marking a year-on-year increase of 14.00%, and a net profit of 311 million yuan, which is a significant year-on-year growth of 42.78% [9][10] - In Q2 2025, the revenue reached 908 million yuan, up 11.94% year-on-year and 10.17% quarter-on-quarter, with a net profit of 170 million yuan, reflecting a year-on-year increase of 24.79% and a quarter-on-quarter increase of 20.61% [9][10] Group 3: Key Insights on Food and Beverage Industry - The company reported a revenue of 14.8 billion yuan in the first half of 2025, a decline of 35.3% year-on-year, with a net profit of 4.34 billion yuan, down 45.3% year-on-year [15][16] - In Q2 2025, the revenue and net profit were 3.73 billion yuan and 710 million yuan, respectively, representing year-on-year declines of 43.7% and 62.7% [15][16] - The company is undergoing deep adjustments, aiming to clear its financial statements and release pressure while waiting for the effects of reforms to materialize [15][16]

Core Insights - The report highlights the implementation of the revised classification and evaluation regulations for securities companies, effective from August 22, 2025, which aims to enhance regulatory efficiency and reduce industry burdens while promoting differentiated development among firms [1][2]. - The new regulations emphasize the importance of functionality and compliance, shifting the competitive focus from capital scale to professional capabilities and functional realization, benefiting leading firms while requiring smaller firms to invest in differentiation [2][3]. Summary by Sections Regulatory Changes - The revised regulations focus on promoting the functionality of securities companies, optimizing business development indicators, and enhancing the evaluation framework to support high-quality development [2]. - The new framework introduces special indicators that increase the weight of net asset return, guiding the industry towards efficiency rather than mere scale expansion [2][3]. Market Impact - The overall market impact of the new regulations is viewed as neutral to positive, potentially stabilizing profitability and valuation elasticity within the brokerage sector [2][3]. - The report anticipates a valuation recovery for brokerage firms in the short term, driven by improved market sentiment, while in the long term, it expects a dual pattern of valuation uplift for leading firms and recovery for differentiated smaller firms [1][2].

电子 | 证券研究报告 — 调整盈利预测 2025 年 8 月 26 日 688213.SH 买入 原评级：买入 市场价格:人民币 103.25 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 40.2 4.1 14.7 109.6 相对上证综指 21.2 (4.0) (1.3) 73.5 发行股数 (百万) 401.84 流通股 (百万) 323.04 总市值 (人民币 百万) 41,490.14 3 个月日均交易额 (人民币 百万) 581.09 主要股东 徐辰 13.64% 资料来源：公司公告， Wind ，中银证券 (14%) 15% 45% 74% 103% 132% Aug-24 Sep-24 Oct-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 思特威-W 上证综指 以 2025 年 8 月 25 日收市价为标准 相关研究报告 《思特威-W》20250421 《思特威-W》20241202 《思特威-W》20241028 智能手机产品矩阵丰富化，汽车业务快速增长 思特威 ...