制作：产品中心 《策略|"十五五"前瞻初探——"十五五"研究系列》 1、"十五五"规划展望。自 1953 年开始制定第一个"五年计划"以来， 我国已发布十四个"五年规划"。完善统一大市场：推进统一大市场建设 重点在于打破地方保护和市场分割，促进资源的高效配置流动，激发各类 市场主体活力与创造力。2、促进民生消费："十五五"规划可能在以下几 方面进一步对消费进行支持：1.财政支出从投资进一步转向民生；2.大力 支持消费结构升级。3、深化国有企业改革：整体来看，预计"十五五" 中，国有企业改革整体思路或依旧延续精细化区分、"一企一策"的思路， 同时要积极探索尝试有利于创新的国有企业经营机制和公司治理模式。4、 健全资本市场稳定机制："十五五"期间资本市场改革思路或转向"构建 内在稳定、韧性强的现代化资本市场生态系统"。整体来看，"十五五"期 间的资本市场稳定机制建设将是一个系统性的工程，完成从"政策驱动" 到"制度驱动"、从"单一维度"到"生态系统"的转型，推动资本市场 高质量发展,助力加快建设金融强国。 证券研究报告 | 2025 年 08 月 27 日 $$\overline{{{\prod_{\mathrm ...

证券代码：834599 证券简称：同力股份 公告编号：2025-119 陕西同力重工股份有限公司 投资者关系活动记录表 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 二、 投资者关系活动情况 活动时间：2025 年 8 月 25 日 上市公司接待人员：公司董事会秘书杨鹏先生。 三、 投资者关系活动主要内容 问题 1：目前公司所售主要车型结构占比多少，交付周期多久？ 回答：今年上半年销售车辆合计 2700 多台，去年是 3100 多台，单车售价大 幅提升。国内上半年 2300 多台，海外 480 多台。销售车型中新能源车占比约 55%， 其中有一半是无人驾驶产品。整体来看，销售结构中，煤炭市场占比 75%（目前 煤炭市场开工率依然不足），有色金属市场占比 15%，剩余其他 10%。 问题 2：公司燃油车、新能源车、无人驾驶车的销售情况，单价区间分别是 多少，以及各自的吨位区间？ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5]. Core Views - The company is experiencing accelerated development in autonomous driving and new energy vehicles, with significant growth in revenue and profit [2][5]. - The company has successfully delivered autonomous vehicles and is expanding its presence in the new energy vehicle market, which now accounts for approximately 20% of its sales [5]. - The company is actively pursuing international market expansion, with exports of non-road dump trucks increasing [5]. - The company is focusing on large-scale mining trucks, with new models in development to capture high-end market segments [5]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved total revenue of 3.169 billion yuan, a year-on-year increase of 12.69%, and a net profit attributable to shareholders of 321 million yuan, up 8.25% [5]. - The gross margin and net margin for the first half of 2025 were 19.78% and 10.14%, respectively [5]. - The company’s operating expenses have increased due to the expansion of overseas operations and rising R&D costs [5]. Product Development - The development of autonomous vehicles is progressing rapidly, with over 700 units delivered by 2024 [5]. - The company has introduced various new energy products, including pure electric, hybrid, hydrogen fuel, and methanol fuel vehicles, which have higher profit margins compared to traditional fuel vehicles [5]. Market Expansion - The company is expanding its global footprint, with exports of non-road dump trucks reaching 8,508 units by July 2025, a growth of 2.62% [5]. - The company is implementing a global strategy to enhance sales and service networks in multiple countries [5]. Future Outlook - The company is expected to see net profits of 869 million yuan, 974 million yuan, and 1.083 billion yuan for 2025, 2026, and 2027, respectively [5]. - The projected EPS for the next three years is 1.88 yuan, 2.11 yuan, and 2.35 yuan, with corresponding P/E ratios of 12.20, 10.89, and 9.80 [5].

公司报告 | 半年报点评 技术突破：以无人驾驶为核心，推出 ET100/ET70M 等新能源无人矿卡，搭 载"御石"线控平台，实现矿区无人化运营；开发大吨位车型，通过高强度 车架、多轴驱动技术提升运输效率，满足大型矿山高效集约化需求；布局 纯电、混动、氢燃料等全技术路线，多个产品获行业金奖并出口至力拓等 国际矿业巨头。全球拓展：2025H1 公司海外营收占比 15.5%，海外高端市 场突破显著，建立新加坡等海外子公司完善服务体系。 同力股份（834599） 证券研究报告 中报业绩表现稳健，看好公司三大业务提供增长新动能 公司发布 2025 年半年报，业绩表现稳健： 2025H1 公司实现收入 31.69 亿元，同比+12.69%；其中国内收入 26.77 亿元、 同比+12.85%，国外收入 4.92 亿元、同比+11.87%、收入占比 15.53%。归母 净利润 3.21 亿元，同比+8.25%，扣非归母净利润 3.18 亿元，同比+10.09%。 25H1 公司毛利率为 19.78%，同比+1.23pct；分产品来看，整车毛利率 18.96%、同比+1.42pct，配件销售毛利率 31.39%、同比-7. ...

Summary of Key Points Core Viewpoint - As of August 25, the total margin financing and securities lending balance on the Beijing Stock Exchange reached 7.376 billion yuan, indicating a daily increase of 38.576 million yuan, with the financing balance contributing the majority of this increase [1]. Group 1: Margin Financing and Securities Lending - The financing balance on the Beijing Stock Exchange was 7.376 billion yuan, up by 38.518 million yuan from the previous trading day, while the securities lending balance was 53.35 million yuan, increasing by 57,900 yuan [1]. - The stocks with the highest financing balances included Jinbo Biological, Shuguang Digital Innovation, and Aifeng Software, with financing balances of 335 million yuan, 217 million yuan, and 191 million yuan respectively [1]. - The average ratio of financing balance to circulating market value for these stocks was 1.25%, with the highest ratios seen in Wanyuantong, Minshida, and Juneng Co., at 4.16%, 3.95%, and 3.80% respectively [1]. Group 2: Net Buying and Selling Activity - On August 25, 136 stocks had net financing purchases, with 14 stocks seeing net purchases exceeding 5 million yuan. The top net buyer was Tongli Co., with a net purchase of 33.556 million yuan [2]. - Other notable net purchases included Guangxin Technology and Minshida, with net amounts of 16.039 million yuan and 14.792 million yuan respectively [2]. - The stocks with the highest net selling amounts included Guangmai Technology, Litong Technology, and Kangbiter, with net selling amounts of 14.557 million yuan, 12.496 million yuan, and 9.719 million yuan respectively [2]. Group 3: Industry Performance - The industries with the most stocks seeing net purchases over 5 million yuan were concentrated in computer, electronics, and automotive sectors, with 3, 3, and 2 stocks respectively [2]. - The average increase for stocks with net purchases over 5 million yuan was 1.03%, with notable gainers including Zhonghang Taida, Guangxin Technology, and Zhisheng Information, which rose by 29.99%, 4.35%, and 3.19% respectively [2]. - The average turnover rate for these stocks was 9.85%, with the highest turnover rates recorded for Zhonghang Taida, Guangxin Technology, and Hanxin Technology at 32.01%, 17.31%, and 15.32% respectively [2].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved steady growth in H1 2025, with total revenue reaching 3.169 billion yuan, a year-on-year increase of 12.69% [7] - The growth in revenue is primarily driven by accelerated product updates and the scaling production of new energy and autonomous driving vehicles [7] - The company is focusing on promoting products in the new energy and autonomous driving sectors, with significant advancements in the non-road wide-body dump truck segment [7] - The company has a leading position in key segments of the supply chain, which supports long-term growth potential in new energy vehicles [7] Financial Performance Summary - Total revenue projections for 2023A to 2027E are as follows: 5,860 million yuan (2023A), 6,145 million yuan (2024A), 6,905 million yuan (2025E), 7,845 million yuan (2026E), and 8,544 million yuan (2027E) [1] - The projected net profit attributable to the parent company for the same period is: 614.67 million yuan (2023A), 793.08 million yuan (2024A), 954.71 million yuan (2025E), 1,097.72 million yuan (2026E), and 1,226.81 million yuan (2027E) [1] - The earnings per share (EPS) forecast is: 1.33 yuan (2023A), 1.72 yuan (2024A), 2.07 yuan (2025E), 2.38 yuan (2026E), and 2.66 yuan (2027E) [1] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 17.25 in 2023A to 8.65 in 2027E, indicating improving valuation [1]

Core Viewpoint - As of August 22, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) decreased to 7.338 billion yuan, marking a reduction of 169 million yuan from the previous trading day, with financing balance also declining for two consecutive trading days [1] Financing and Margin Trading Summary - The financing balance on the BSE was 7.337 billion yuan, down 169 million yuan from the previous day, while the securities lending balance was 47.57 million yuan, a decrease of 278,000 yuan [1] - The stocks with the highest financing balances included Jinbo Biological, Shuguang Digital Innovation, and Ailun Software, with financing balances of 339 million yuan, 213 million yuan, and 189 million yuan respectively [1] - The average ratio of financing balance to circulating market value for these stocks was 1.25%, with the highest ratios seen in Wanyuantong, Juneng Co., and Kobal, at 4.47%, 3.91%, and 3.56% respectively [1] Industry Performance Summary - Among the stocks with net financing purchases exceeding 1 million yuan, the mechanical equipment, electronics, and power equipment sectors were the most represented, with 10, 6, and 5 stocks respectively [2] - On August 22, stocks with net financing purchases over 1 million yuan saw an average increase of 7.39%, with notable gainers including Nengzhiguang, Gebijia, and Hualing Co., which rose by 344.38%, 4.65%, and 2.17% respectively [2] - Conversely, 25 stocks experienced declines, with the largest drops seen in Chunguang Intelligent, Guoyuan Technology, and Qiule Seed Industry [2] Trading Activity Summary - The weighted average turnover rate for stocks with net financing purchases over 1 million yuan was 5.12%, with the highest turnover rates recorded for Nengzhiguang, Jiaoda Tifa, and Guoyuan Technology at 73.08%, 16.80%, and 15.65% respectively [2] - The average daily turnover rate for BSE stocks on that day was 5.01% [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is focusing on the development of line control chassis technology for autonomous vehicles, which is expected to enhance the penetration rate of new energy vehicles and facilitate the promotion of autonomous vehicle markets [5][6] - The company has made significant progress in the autonomous driving sector, with 58 autonomous mining trucks operating efficiently in Xinjiang, marking a breakthrough in zero-carbon transportation in open-pit coal mining [6][8] - The company is expected to participate in future infrastructure projects, such as the Yajiang Hydropower Station, indicating potential for sustained growth in demand for its products [6] Financial Performance - In the first half of 2025, the company achieved revenue of 3.169 billion yuan (up 13% year-on-year) and a net profit of 321.23 million yuan (up 8% year-on-year) [8] - The company’s revenue for 2025 is projected to be 6.705 billion yuan, with a year-on-year growth rate of 9.13% [7] - The forecasted net profit for 2025 is 887 million yuan, reflecting a year-on-year growth rate of 11.88% [7] Market Position - The company ranked 39th in the global top 50 construction machinery manufacturers in 2025, improving its position by 4 places from 2024 [8] - The company has been expanding its overseas business, with significant contributions from its subsidiaries in Singapore [8] Profitability and Valuation - The projected PE ratios for 2025, 2026, and 2027 are 13.3, 11.8, and 10.6 respectively, indicating a favorable valuation outlook [5][9] - The company’s gross margin is expected to be around 21.03% in 2025, with a net profit margin of 13.24% [10]

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company reported H1 2025 revenue of 3.169 billion yuan, a year-on-year increase of 12.69%, and a net profit attributable to shareholders of 321 million yuan, up 8.3% year-on-year [5][8] - The domestic market shows a clear demand for the replacement of traditional fuel mining trucks with new energy models, with the market size expected to grow from 1.7 billion yuan in 2023 to 11.2 billion yuan in 2028, representing a CAGR of 45.7% [8] - The company has received multiple international awards, enhancing its technological leadership and global influence, ranking 39th in the 2025 Global Construction Machinery Manufacturers list [8] Financial Data and Profit Forecast - H1 2025 total revenue is projected at 6.961 billion yuan, with a year-on-year growth rate of 13.3% [7] - The net profit attributable to shareholders is expected to reach 868 million yuan in 2025, reflecting a year-on-year growth of 9.4% [7] - The company's gross margin is forecasted to improve from 19.8% in H1 2025 to 23.1% by 2027 [7] Market Position and Growth Potential - The company is positioned as a leader in the non-road wide-body dump truck market, with a significant market share and a strong order backlog [8] - The market for L4 level unmanned mining trucks is anticipated to reach a penetration rate of over 50% by 2030, with sales expected to grow from approximately 4,000 units in 2025 to about 16,340 units by 2030, representing a CAGR of 32.5% [8] - The company emphasizes its first-mover advantage in the non-road wide-body dump truck sector, maintaining a strong market position [8]

证券代码：834599 证券简称：同力股份 公告编号：2025-111 陕西同力重工股份有限公司 2023 年股票期权激励计划预留部分第二个行权期行 权条件成就的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 陕西同力重工股份有限公司（以下简称"公司"）于 2025 年 8 月 22 日召开 第六届董事会第二次会议审议通过了《关于<公司 2023 年股票期权激励计划预 留部分第二个行权期行权条件成就>的议案》。根据《上市公司股权激励管理办法》 《北京证券交易所上市公司持续监管指引第 3 号——股权激励和员工持股计划》、 公司《2023 年股票期权激励计划（草案）》（以下简称"《激励计划》"或"本次激 励计划"）的相关规定，本次激励计划预留部分第二个行权期行权条件已成就。 现将相关事项公告如下： 一、审议及表决情况 次授予激励对象及拟认定核心员工的名单在公司内部信息公示栏进行了公示。在 公示期内，公司监事会未收到员工对本次拟激励对象及拟认定核心员工名单提出 的异议。公司于 2023 年 3 月 24 ...